ABP Energy to Issue IPO, Siddhartha Capital as Sales Manager
ABP Energy Limited, active in hydropower development, is set to issue an initial public offering (IPO). The company has appointed Siddhartha Capital Limited as the sales manager for the IPO issuance and management. The company is constructing the 8 MW Tadi Ghyangphedi Hydropower Project in Nuwakot, which has achieved over 60 percent physical progress.
ABP Energy Limited, engaged in hydropower project development, is going to issue an initial public offering (IPO). The company has appointed Siddhartha Capital Limited as the sales manager for the IPO issuance and management.
The IPO issuance agreement was signed on 2083 Ashwin 9. The agreement was signed by Purnalal Shrestha, Chairman of ABP Energy, and Sandeep Karki, Chief Executive Officer of Siddhartha Capital, on behalf of their respective organizations. According to the agreement, the company's proposed IPO issuance and management process will be carried out in accordance with prevailing laws, regulatory provisions, and approvals obtained from relevant authorities. Siddhartha Capital will act as the IPO issuer and sales manager.
ABP Energy is constructing the 8 MW Tadi Ghyangphedi Hydropower Project at Dupcheshwar Rural Municipality-1, Ghyangphedi, Nuwakot. The project, which will generate electricity using the water of the Tadi River, is of a run-of-river nature.
According to the company, the project cost is approximately NPR 20.5 million per megawatt. The project aims to commence commercial electricity production by 2084 Baisakh end. The total estimated cost of the project is NPR 1.64 billion, and Siddhartha Bank has already signed an agreement to invest NPR 1.23 billion as a loan. The company states that the physical progress of the project has currently exceeded 60 percent.
The company's board of directors includes Purnalal Shrestha and Balram Khatiwada, who have long experience in the hydropower sector, as well as Nepali technical entrepreneur Ajgar Ali, founder of F1Soft International and eSewa.