IPO for General Public | Molung Hydropower Company is going to issue 22,64,655 Units of Shares from the 4th of Falgun
The offer letter for Molung Hydropower Company Ltd’s Initial Public Offering (IPO) to the general public has issue.
Starting on the fourth of Falgun in 2079, the company will issue 22,64,655 unit shares with a face value of Rs 100. With this IPO, the business hopes to raise Rs 22.64 crore. This issue’s early closure date is set for Falgun 10; if it is not completely subscribed, it can extend until Falgun 18, 2079.
Out of the total 27,28,500 units, 10%, or 272,850 units, have already issue and assigned to Nepalese citizens who are working abroad. In addition, 2%, or 54,570 units, have set aside for company employees, and 5%, or 136,425 units, of the total offered shares, have been allocated to mutual funds. The general public will able to purchase the final 22,64,655 units. Following the IPO, the company’s paid-up capital would amount to Rs. 80.25 Crores.
The business previously distributed 27,850 unit shares to Nepalese nationals working abroad and 8,02,500 unit shares worth Rs. 8.02 crores to locals impacted by the project. In all, the promoter owners own 56% of the company’s shares.
The IPO issuance’s issue manager is Sunrise Capital Ltd. A minimum of 10 units and a maximum of 8000 units may request in an application.
ICRA Nepal has updated Molung Hydropower Company Limited’s issuer rating to [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B). The prompt servicing of financial obligations is thought to pose a modest risk of default for issuers with this grade.
About the Molung Hydropower Company
As of mid-April 2022, Molung Hydropower Company Ltd. A public company that was establish on November 28, 2019, had a paid-up capital of NPR 449.4 million and was 100% promoter-held. Since March 2018. The business has running a 7MW Molung Khola HPP in Nepal’s Province 1’s Okhaldhunga district.
The project, a run-of-river (R-o-R) type, has a design discharge of 8.15 m3/s and a gross head of 108.45 m. And it has develop with a 40% risk of exceedance (Q40). The yearly contract energy production is 36 GWh with a dry energy mix of 16% and a contract PLF of 58%. The project is qualified for all five tariff escalations since it was started on March 26, 2018. One month before its Required COD of April 2018.
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