May 19, 2022 | Investopaper
Makar Jitumaya Suri Hydropower Company has started the IPO issuance process. The company has submitted the application to the Securities Board Of Nepal (SEBON) on Baisakh 8, 2079 BS seeking permission for the public issue. Only after the approval from the regulatory body SEBON, the company can sell the shares to the general public.
Makar Jitumaya Suri Hydropower is going to issue 30 percent of the total issued capital. The company will sell 22.80 lakh shares to the public in two phases. In the first phase of IPO, the company will issue 7,60,000 shares to the locals of the project affected areas. Similarly, the company will sell 15,20,000 shares to the general public in the second phase.
The company has already appointed Prabhu Capital as the issue and sales manager for the IPO. Chief Executive Officer Himal Gurung, on behalf of the company, and Managing Director Dinesh Thakali on behalf of Prabhu Capital had jointly signed an agreement for IPO issue and sale.
About Makar Jitumaya Suri Hydropower Company
Makar Jitumaya Suri Hydropower Company was formed after the successful merger of Makar Jitumaya Hydropower Pvt. Ltd. with Suri Khola Hydropower Ltd. on July 15, 2021. The company is currently developing two hydropower projects in Dolakha district-
Suri Khola Hydropower Project (6.4 MW) and
Upper Suri Hydropower Project (7 MW).
The company has signed a Power Purchase Agreement (PPA) with NEA on June 3, 2015 for the sale of 6.4 MW electricity and on July 26, 2018 for 7 MW.