Him Parbat Hydro IPO: Applications Open from Kartik 11, Priority to Locals and Migrant Workers
Him Power Hydropower Limited is set to issue an IPO starting Kartik 11 for locals in project-affected areas and Nepali migrant workers. The company has been permitted to issue a total of 5,915,000 shares, of which 1,690,000 shares are allocated for locals and 422,500 shares for migrant workers.
Him Power Hydropower Limited is set to issue an IPO starting Kartik 11. The company is issuing the IPO for local residents in project-affected areas and Nepali migrant workers.
The company had received permission to issue 35 percent of its issued capital of NPR 1.69 billion, equivalent to NPR 591.5 million, or 5,915,000 shares. Of this, 1,690,000 ordinary shares with a face value of NPR 100 each, amounting to NPR 169 million, are being issued for local residents in project-affected areas.
Among these, 1,014,000 shares will be allotted to permanent residents of the most affected areas: Bigu Rural Municipality wards 5, 6, 7, and 8 and Kalinchok Rural Municipality wards 2, 3, and 4 in Dolakha district. The remaining 676,000 shares will be allotted to permanent residents of other wards of both rural municipalities.
Additionally, 10 percent of the shares allocated for general investors, equivalent to NPR 42.25 million, or 422,500 ordinary shares with a face value of NPR 100 each, are being issued for Nepali citizens who have obtained labor approval from the relevant government agency and are employed abroad.
The IPO requires a minimum application of 10 shares and a maximum of 10,000 shares.
- For local residents in project-affected areas, the issue will close no earlier than Kartik 25 and no later than Mangsir 10.
- For Nepali migrant workers, the issue will close no earlier than Kartik 16 and no later than Kartik 25.
In the credit rating conducted for the IPO, ICRA Nepal has assigned the company an ICRANP Issuer Rating Double B Plus. This indicates an average risk in the company's ability to meet its obligations.
The issue and sales manager for the company's shares is Citizens Capital Limited. Local residents can apply through the Singati branch offices of Nepal Investment Bank, Sindhu Bikas Bank, and Prabhu Bank, as well as the Sunkhani extension counter of Laxmi Sunrise Bank and the Charikot branch office of Citizens Bank. Residents of project-affected areas must pay a fee of NPR 2 to obtain the share purchase application form.
Nepali migrant workers can apply through the C-ASBA system from banks and financial institutions participating in ASBA services and their designated branch offices, as permitted by the Nepal Securities Board. They can also apply online using Mero Share, the software of CDS and Clearing Limited.