Today is the final day for the general public to apply for the IPO of Ridge Line Energy Limited. The company had opened the sale of 1,180,260 ordinary shares to the public from Magh 28.
Under the second phase, the company allocated 28,440 shares for employees and 71,100 shares for mutual funds, issuing the remaining shares to the general public. The face value per share is set at Rs 100.
Investors can apply for a minimum of 10 shares and a maximum of 50,000 shares. Applications can be submitted through all C-ASBA member banks and financial institutions approved by the Securities Board of Nepal and their branches. Applications can also be made through the “Mero Share” system operated by CDS and Clearing Limited. The issue and sales manager for the IPO is Prabhu Capital Limited.
The company had received approval from the Securities Board of Nepal to issue 2,607,000 shares worth Rs 260.7 million, equivalent to 22% of its issued capital of Rs 1.185 billion. After allocating shares in the first phase to project-affected locals and Nepalis working abroad, the second phase was opened to the general public.
Ridge Line Energy is operating the 9.05 MW Super Chepe Khola Hydropower Project in Gorkha and Lamjung districts. The total project cost is Rs 2.096 billion. The company has been in commercial operation since Magh 2080, selling electricity through the national transmission line.
Care Ratings Nepal has assigned the company a ‘Double B’ issuer rating, indicating a moderate risk in meeting its obligations.
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