Ridge Line Energy to Float 58,04,201 Shares in IPO

December 28, 2023 | Investopaper

Ridge Line Energy Limited is going to issue an Initial Public Offering (IPO). The company is planning to sell 58,04,201 shares in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 58.04 crores.

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For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Mangsir 25, 2080 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.

The company has appointed Prabhu Capital Limited as the issue and sales manager. An agreement has been reached between the hydropower company and Prabhu Capital in this regard. The agreement was signed by Basanta Giri on behalf of Ridge Line Energy and Managing Director Dinesh Thakali on behalf of Prabhu Capital on Ashwin 12, 2078 BS [September 28, 2021].

Now, the company needs approval from the Securities Board of Nepal (SEBON) for the public offering.

In the first phase, the company will issue shares to the locals of the project-affected areas and the Nepalis in foreign employment. Similarly, after the first phase, the hydropower will sell shares to the general public, including the mutual fund schemes and the employees of the company.

Ridge Line Energy Limited, incorporated on December 28, 2017, is constructing a 9.05 MW Super Chepe Hydropower Project on the Chepe River at Ajirkot 2 in Gorkha District. The project expects to generate 53.71 GWh of electricity annually. The estimated cost of the project is Rs 1.65 billion.


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