Richet Jalbidhyut Company to Float IPO | Submits Application to SEBON
October 12, 2023 | Investopaper
Richet Jalbidhyut 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 Bhadra 29, 2080 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
If approved by SEBON, the company will sell 11,76,450 shares in the initial public offering (IPO).
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.
The company has appointed NIMB Ace Capital Limited as issue and sales manager for the IPO. 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.
The company, established in 2070 BS, is currently operating a 5 MW Richet Khola Hydropower project.
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