Himalayan Hydropower's IPO opens Wednesday: Who can apply?

Kathmandu. Himal Parbat Hydropower is set to issue an IPO starting Wednesday, Kartik 11. In the first phase, the company will open the IPO for locals in project-affected areas and Nepalis in foreign employment.

The company has received approval to issue an IPO worth Rs 591.5 million, which is 35 percent of its issued capital of Rs 1.69 billion. Accordingly, the company will sell a total of 5,915,000 shares with a face value of Rs 100 each.

Of that, 1,690,000 ordinary shares worth Rs 169 million are being issued for locals in project-affected areas. Among them, 1,014,000 shares will be issued for local residents of the most-affected areas—Wards 5, 6, 7, and 8 of Bigu Rural Municipality and Wards 2, 3, and 4 of Kalinchok Rural Municipality in Dolakha—while the remaining 676,000 shares will be open for locals of other wards of both rural municipalities.

Similarly, the company will open an IPO worth Rs 42.25 million, which is 10 percent of the shares allocated for general investors, for Nepalis in foreign employment. Accordingly, 422,500 shares with a face value of Rs 100 will be issued to Nepalis in foreign employment.

Applications can be made for a minimum of 10 shares and a maximum of 10,000 shares in the company's IPO. The IPO issuance for project-affected locals will close no earlier than Kartik 25 and no later than Mangsir 10.

Nepalis in foreign employment can apply from Kartik 16 until Kartik 25 at the latest.

Locals can apply through Nepal Investment Bank, Sindhu Bikas Bank, the Singati branch office of Prabhu Bank, the Sunkhani extension counter of Laxmi Sunrise Bank, and the Charikot branch office of Citizens Bank.

Nepalis in foreign employment can apply through banks and financial institutions participating in the C-ASBA service authorized by the Nepal Securities Board and their designated branch offices, as well as through CDSC's Mero Share.

The IPO sales manager for the company is Citizens Capital.