Beni Hydropower Project Limited is set to open its Initial Public Offering (IPO) for the general public from Bhadra 22, 2083, offering 8,63,200 ordinary shares at a face value of Rs. 100 per share.

The IPO will open on Bhadra 22 and the company has set Bhadra 25 as the early closing date. If the issue is not fully subscribed by then, the application period will be extended until Ashwin 5, 2083.

The company has an issued capital of Rs. 1.04 billion, of which 20%, or 20,80,000 shares, has been allocated for public issuance.

Of the public offering, 10,40,000 shares were allocated to project-affected locals of Solukhumbu, representing 10% of the company's issued capital. Another 10%, or 10,40,000 shares, has been designated for the general public.

From the general public portion, 1,04,000 shares were reserved for Nepali citizens working abroad. Similarly, 20,800 shares, equivalent to 2% of the public issue, have been reserved for company employees, while 52,000 shares have been allocated to mutual funds.

After these allocations, the remaining 8,63,200 shares will be available to the general public through the IPO opening on Bhadra 22.

Investors can apply for a minimum of 10 shares and a maximum of 10,000 shares. NMB Capital Limited has been appointed as the issue manager for the IPO.

Meanwhile, ICRA Nepal has upgraded the company's issuer rating to [ICRANP-IR] BB+ from BB. The rating indicates a moderate level of risk regarding the company's ability to meet its financial obligations on time.

Beni Hydropower Project Limited was established in 2016 and is developing the 18 MW Upper Solu Khola Hydropower Project in Solukhumbu. The project is a run-of-river hydropower project and is currently under construction.

The IPO will give general investors an opportunity to participate in the company's project as it continues the development of the Upper Solu Khola Hydropower Project.