Appolo Hydropower Limited to Float IPO | Appoints Muktinath Capital as Underwriter
January 4, 2024 | Investopaper
Appolo Hydropower Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has appointed Muktinath Capital Limited as the underwriter for the public offering.
An agreement has been reached between the company and Muktinath Capital on this regard. The agreement was signed by Ang Tenji Sherpa, Chairman of Appolo Hydropower and Kavindradhwaj Joshi, Chief Executive Officer of Muktinath Capital.
Now, the company needs to appoint the issue manager and then submit the application to the Securities Board Of Nepal (SEBON) after completing the necessary procedures. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
The company plans to sell 14.10 lakh shares at Rs. 100 in the public offering (IPO).
In the first phase, the company will issue shares to the locals of the project affected areas and foreign employed Nepalese. Likewise, in the second phase, the hydropower will float shares to the general public, including the employees of the company and the mutual fund schemes.
About Appolo Hydropower Limited
Appolo Hydropower Limited is currently constructing Buku Khola Hydropower Project. The project is a Run-of-River (ROR) type project with an installed capacity of 6 MW.
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