Beni Hydropower IPO to be allotted tomorrow, 86,320 investors to receive 10 shares each
The initial public offering (IPO) issued to the general public by Beni Hydropower is scheduled for allotment tomorrow at 9 AM. Out of a total of 2,361,124 applications, 86,320 investors will receive 10 shares each. Meanwhile, ICRA Nepal has upgraded the company's issuer rating to 'ICRANP-IR BB Plus'.
Kathmandu — The initial public offering (IPO) of Beni Hydropower Project Limited for the general public is set to be allotted tomorrow. According to NMB Capital Limited, the issue manager and sales manager for the IPO, the allotment will take place tomorrow at 9 AM.
The company had issued 863,200 shares with a face value of NPR 100 per share to the general public from Bhadra 22 to Bhadra 25. A total of 2,361,124 applications were received during the period. Of these, 86,320 investors will receive the IPO at 10 shares each.
The company's issued capital stands at NPR 1.04 billion. Of this, 20 percent, or 2,080,000 shares, were set aside for the general public. Among them, 1,040,000 shares were previously allocated to local residents of Solukhumbu district, the project-affected area.
Of the 1,040,000 shares set aside for the general public:
- 104,000 shares are for Nepali migrant workers abroad,
- 20,800 shares are for company employees, and
- 52,000 shares are for collective investment funds.
After allotting shares to project-affected local residents, Nepali migrant workers, employees, and collective investment funds, the company issued the remaining 863,200 shares to the general public in the second phase.
Meanwhile, ICRA Nepal has upgraded the issuer rating of Beni Hydropower Project Limited from 'ICRANP-IR BB' to 'ICRANP-IR BB Plus'. This indicates a moderate level of risk in the company's ability to meet its financial obligations on time.
Established in 2016, Beni Hydropower is constructing the 18 MW Upper Solu Khola Hydropower Project in the Beni and Salleri areas of Solukhumbu district.