Bhujung Hydropower Opens IPO for General Public, Issuing 830,000 Shares from Magh 12
Bhujung Hydropower Limited has opened its IPO for the general public from Magh 12, 2082, issuing 830,000 unit shares at a par value of Rs. 100 per unit.
Bhujung Hydropower Limited has officially launched its Initial Public Offering (IPO) for the general public starting Magh 12, 2082. The company is issuing 830,000 unit shares at a par value of Rs. 100 per share.
The IPO will close early on Magh 15, 2082. In case the issue is not fully subscribed within the early closing period, the application deadline will be extended until Magh 26, 2082.
The company’s total issued capital stands at Rs. 1 Arba, of which 20 percent (2,000,000 unit shares) is allocated for public issuance. Prior to this, 10 percent (1,000,000 unit shares) worth Rs. 10 crore had already been issued to project-affected locals of Lamjung district.
From the public issue, 10 percent (100,000 unit shares) have been reserved for Nepalese citizens working abroad. Additionally, 2 percent (20,000 units) have been allocated for the company’s employees, while 5 percent (50,000 units) have been set aside for mutual funds.
After these reservations, the remaining 830,000 unit shares are being offered to the general public from today.
Kumari Capital Limited has been appointed as the issue manager for the IPO. Interested investors can apply for a minimum of 10 units and a maximum of 50,000 units.
ICRA Nepal Limited has downgraded the issuer rating of Bhujung Hydropower Limited from [ICRANP-IR] B+ to [ICRANP-IR] B-, indicating an increased level of risk regarding the company’s ability to meet its financial obligations on time.
Bhujung Hydropower Limited was established in 2015 and is currently developing the 7.5 MW Upper Midim Hydropower Project, a run-of-river type project. The project is located in Kwhlosothar Rural Municipality of Lamjung district. The company’s central office is situated at Old Baneshwor, Kathmandu.