Molung Hydropower IPO Closing from Today For Nepalese Working Abroad; Project Affected Locals’ Deadline Extended Until Magh 10

Molung Hydropower IPO Closing from Today For Nepalese Working Abroad; Project Affected Locals’ Deadline Extended Until Magh 10

The IPO issue date for residents impacted by the project has been extended till the 10th Magh of 2079 by Molung Hydropower Company Limited. Who is also closing the IPO issue to Nepalese people working abroad as of today, 3rd Magh. The issue started on Poush 19, 2079.

10%, or 8,02,500 unit shares worth Rs. 8.02 crores, of the company’s Rs. 80.25 crores in issued capital have been given to Okhaldhunga District residents who will be impacted by the project. A later date will see the issuance of 27,28,500 unit shares, representing 34% of the company’s outstanding capital. 10% of the shares, or 272,850 units, of this public offering, have been designated for Nepalese nationals working overseas. The offering will end today.

The minimum application quantity for the project’s localities is 10 units, while the maximum application quantity is 1000 units. The lowest application quantity for Nepalese nationals working abroad is 10, while the maximum application number is 8000. Sunrise Capital Limited is the issue manager of this IPO.

For a total of 617,550 units, 9701 applications have been received from Nepalese nationals working overseas, according to CDSC. As a result, the issue has already received 2.26 times more subscriptions than it needs.

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 Company; Molung Hydropower IPO Closing 

As of mid-April 2022, Molung Hydropower Company Limited, a public limited company that was established 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 been 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 been developed 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.

Keep Visiting us.

Also, you may read,

Super Hewa Power Company selects Laxmi Capital Market as the issue manager for floating 11.54 lakh unit shares in an initial public offering 

IPO for General Public | Kalinchowk Darshan Limited is Issuing 8,96,400 Units of IPO from Today

Super Madi Hydropower Limited is going to issue 17,43,000 Units of IPO shares to the General Public from 9th of Magh