Mandu Hydropower Limited has submitted an application to the Nepal Securities Board seeking permission to issue an IPO at a premium price.
The company has sought permission for the IPO issue at the rate of Rs. 248 per share by adding a premium of Rs. 148 to the face value of Rs. 100.
The company has submitted an application in Sebon on 11th of January to issue a total of 16 lakh 36 thousand 370 shares of IPO. If the board gives permission, Hydropower will issue an IPO worth Rs. 40 crore 58 lakh 19 thousand 760.
The issue manager of the company is Prabhu Capital Limited. After receiving the permission of Sebon to issue the IPO, the company will issue for foreign workers and local residents in the first phase. After that, in the second phase, IPO will be issued for the general public.
The company is constructing and operating the 22 MW Bagmati Small Hydropower Project in Ipa Rural Municipality of Makwanpur District. The project has already started generating electricity from Chait 18, 2075. It was built with an investment of 4 arab 25 crore in the event. Its cost is 18 crore 10 lakh.
Mandu Hydropower Limited has been given Icra NP IR Triple B minus rating by Icra Nepal. Entities receiving this rating are considered to be moderately secure in meeting their financial obligations on time. Icra Nepal has informed that there is moderate credit risk in such institutions. The rating is merely an opinion regarding the issuer’s general creditworthiness.