Apollo Hydropower Limited is set to issue its Initial Public Offering (IPO) starting tomorrow, Falgun 11. In the first phase, the company will issue shares to local residents of project-affected areas and to Nepalis working abroad.
The company has received approval from Nepal Securities Board to issue 30 percent of its issued capital of NPR 57 crore, amounting to NPR 14.10 crore. This equals a total of 1,410,000 shares at a face value of NPR 100 per share.
Out of the total shares:
- 470,000 shares will be issued to residents of project-affected areas.
- 94,000 shares will be issued to Nepalis working abroad who have obtained labor approval from the concerned government authority.
Allocation for Project-Affected Areas
Of the 470,000 shares allocated to affected locals:
- 50% (235,000 shares) are reserved for highly affected areas: Ward No. 7 and 8 of Khijidemba Rural Municipality, Okhaldhunga District.
- 30% (141,000 shares) are reserved for moderately affected areas: Ward No. 2 of Likhu Pike Rural Municipality, Solukhumbu District, and Ward No. 3 of Umakunda Rural Municipality, Ramechhap District.
- 20% (94,000 shares) are reserved for less affected areas: Ward No. 2 of Umakunda Rural Municipality and Ward No. 1 of Gokulganga Rural Municipality, Ramechhap District.
Application Details
Applicants must apply for a minimum of 10 shares.
- Local residents can apply for up to 47,000 shares.
- Nepalis working abroad can apply for up to 94,000 shares.
The IPO for project-affected locals will close at the earliest on Falgun 15 and at the latest on Chaitra 10. For Nepalis working abroad, it will close at the earliest on Falgun 14 and at the latest on Falgun 25.
Where to Apply
Project-affected locals can submit applications at:
- The company’s project office in Okhaldhunga,
- Laxmi Sunrise Bank branches in Kinza (Solukhumbu), Shivalaya and Priti (Ramechhap),
- Nepal Investment Bank branch in Khijidemba (Okhaldhunga),
- Citizens Bank International branch in Likhu Pike (Solukhumbu).
Nepalis working abroad can apply through all banks and financial institutions participating in the C-ASBA system with approval from the Securities Board.
Credit Rating and Issue Manager
For the IPO, Care Ratings Nepal has assigned the company a “CARE-NP BB- Issuer Rating,” indicating a moderate level of risk in meeting its financial obligations.
The issue and sales manager for the IPO is Himalayan Capital Limited.
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