Appolo Hydropower Limited has launched its Initial Public Offering (IPO) to the public starting from 26th Chaitra, 2082, offering 7,80,200 shares at a nominal value of Rs. 100 each. The IPO was originally meant to conclude on 30th Chaitra, 2082, with an option to extend the deadline to 10th Baisakh, 2083, if there is insufficient subscription.
The company’s total capital amounts to Rs. 47 crores. Out of this, 30%, which equates to 14,10,000 unit shares, will be made available to the public. Of the overall capital raised, 10%, corresponding to 4,70,000 unit shares valued at Rs. 47 crores, will be allocated to locals impacted by the project in Okhaldhunga, Solukhumbu, and Ramechhap districts. The remaining 20% of the capital, translating to 9,40,000 unit shares, is designated for the general public.
Within this general public offering, 10%, or 94,000 unit shares, have been reserved for Nepalese citizens working overseas. Additionally, 2%, amounting to 18,800 units, have been earmarked for the company’s employees, and 5% of the total shares offered, specifically 47,000 units, have been set aside for mutual funds. The leftover 7,80,200 units will be available for the general public starting today.
Himalayan Capital Limited has been designated as the issue manager for this public offering. Applicants can place requests for a minimum of 10 units and a maximum of 94,000 units.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of Appolo Hydropower Limited (AHL) at ‘CARE-NP BB- (Is)’ and its long-term bank facilities rating at ‘CARE-NP BB-’, indicating a moderate risk of default in fulfilling financial commitments in Nepal.
Apolo Hydropower Limited (AHL), which was initially established as a private limited entity, transitioned into a public limited company on September 22, 2022. The firm is implementing a 6 MW run-of-the-river project in Okhaldhunga District, Nepal, under the BOOT (Build, Own, Operate, and Transfer) arrangement.
