Ridge Line Energy Limited has opened the issuance and sale of its Initial Public Offering (IPO) for the general public starting today.
The company had received approval to issue 2,607,000 shares worth NPR 260.7 million, equivalent to 22% of its issued capital of NPR 1.185 billion. Out of this, 1,185,000 shares have already been allotted to project-affected locals and 142,200 shares to Nepalis working abroad.
In the second phase, the company has set aside 28,440 shares for employees and 71,100 shares for mutual funds. The remaining 1,180,260 shares worth NPR 118.026 million, at a face value of NPR 100 per share, have been issued to the general public.
Investors can apply for a minimum of 10 shares and a maximum of 50,000 shares. The IPO will close as early as Falgun 4 and no later than Falgun 13.
For the IPO rating, CARE Ratings Nepal has assigned the company a “CARE-NP Double B Issuer Rating,” indicating a moderate risk in the company’s capacity to meet its financial obligations.
Prabhu Capital Limited has been appointed as the issue and sales manager. Investors can apply through all C-ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON), as well as through the CDSC’s “Mero Share” online system using the C-ASBA process.
Ridge Line Energy operates the 9.05 MW Super Chepe Hydropower Project. The total project cost stands at NPR 2.096 billion, with a per-megawatt cost of NPR 231.6 million. The project began commercial electricity production on Magh 8, 2080 BS, and electricity is being sold through the national transmission line.
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