Aarati Power Company to Float IPO | Appoints Global IME Capital as Issue Manager
August 25, 2024 | Investopaper
Aarati Power Company Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed Global IME Capital Limited as the issue and sales manager.
The agreement for public offering was signed between the company and Global IME Capital Limited on this regard.
Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON). If approved by SEBON, the hydropower can issue the shares to the public.
The company plans to sell 36,00,000 unit shares at a par value of Rs. 100 in the public offering. Hence, the public issue amounts to Rs. 36 crores.
In the first phase, the company will sell shares to the locals of the project affected areas and foreign employed Nepalis. Likewise, in the second phase, the company will float shares to the general public, including the employees of the company and the mutual fund schemes.
About Aarati Power Company Limited
Aarati Power Company Limited was established on January 13, 2016. The company is currently developing a 14.5 MW Upper Irkhuwa Khola Hydropower Project in Bhojpur District of Nepal.
The estimated total cost of the project is Rs. 2.83 Arba which translates into per MW cost of Rs. 19.60 crores. The project, financed in debt equity ratio of 63:37, is about 60 percent complete (as of March, 2024).
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