Richet Jalbidhyut Company To Float IPO | Appoints NIBL Ace Capital As Issue Manager

August 11, 2022 | Investopaper

Richet Jalbidhyut Company Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has appointed NIBL Ace Capital Limited as issue and sales manager.

The agreement for public offering was signed on Shrawan 25, 2079 BS [August 10, 2022] between the company and NIBL Ace Capital Limited. Mr. Arjun Prasad Poudel, Chairman of Richet Jalbidhyut Company and Sachindra Dhungana, Deputy General Manager of NIBL Ace Capital inked the agreement.

Now, the company needs to submit the application to the Securities Board Of Nepal (SEBON). If approved by SEBON, the hydropower will issue shares to the public.

In the first phase, the company will sell the shares to the locals of the project affected areas. 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.

In total, the company is planning to sell 1,12,223 shares in the initial public offering (IPO).

The company, established in 2070 BS, is currently operating a 5 MW Richet Khola Hydropower project. 


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