Bikash Hydropower Company to Issue IPO worth Rs. 44.54 Crores | Submits Application to SEBON
December 12, 2023 | Investopaper
Bikash Hydropower Company Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Mangsir 19, 2080 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.
If approved by SEBON, the hydropower will float 44,54,596 shares in the public offering. At a par value of Rs. 100, the public issue amounts to Rs. 44.54 crores.
In the first phase, the company will sell the shares to the locals of the project affected areas and foreign employed Nepalis. 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.
The company has appointed Prabhu Capital Limited as issue and sales manager for the IPO. The agreement for public offering has been inked between Bikash Hydropower Company Limited and Prabhu Capital Limited on this regard.
About Bikash Hydropower Company Limited
Bikash Hydropower Company Limited, established on Magh 26, 2073 BS as private limited company, was converted into the public company on Magh 14, 2078 BS.
The company is currently operating a 4.55 MW Upper Macchikhola Hydropower Project since Falgun 15, 2079 BS. The project is a run-of-river type project located at Dharche Municipality of Gandaki Province.
The hydropower company obtained the generation license of the project on Magh 7, 2076 BS from Department of Electricity Development (DOED). The project was completed 5 months before the RCOD and started commercial electricity production from Falgun 17, 2079 BS.
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