Bhujung Hydropower Limited has officially launched its Initial Public Offering (IPO) for the general populace starting today, 12th Magh, 2082. The firm is offering 8,30,000 unit shares at a nominal value of Rs. 100 per unit. The early closure date for the IPO is set for 15th Magh, 2082, but if the issue is not fully subscribed by that date, the cutoff will be extended to the 26th Magh, 2082.
The company’s issued capital stands at Rs. 1 Arba. Of this, 20%, which translates to 20,00,000 unit shares, will be made available to the public. Out of the total issued capital, 10%, amounting to 10,00,000 unit shares valued at Rs. 10 Crores, has already been allocated to locals of Lamjung districts affected by the project. Additionally, from this public offering, 10%, totaling 1,00,000 unit shares, has been reserved for Nepalese citizens employed abroad.
From the public offering, 2%, or 20,000 units, have been earmarked for the company’s employees, and 5% of the total offered shares, equating to 50,000 units, have been designated for mutual funds. The remaining 8,30,000 units will be available to the general public and opened from today.
Kumari Capital Limited has been designated as the issue manager for the IPO process. Applications can be submitted for a minimum of 10 units and a maximum of 50,000 units.
ICRA Nepal Limited has downgraded Bhujung Hydropower Limited from an [ICRANP-IR] B+ issuer rating to [ICRANP-IR] B-. This downgrade signifies an increased perception of risk relating to Bhujung Hydropower Limited’s capability to fulfill its financial commitments punctually.
Bhujung Hydropower (P.) Ltd is a hydropower development entity established in 2015. The company is working on the Upper Midim Hydropower Project, a run-of-river type initiative with a licensed capacity of 7.5 MW. The project is situated in Kwhlosothar Rural Municipality, Lampung district of Nepal. The company’s headquarters is located at Old Baneswor, Kathmandu.
