The Securities Exchange Board of Nepal (SEBON) has granted approval for the IPO proposal put forth by Him Star Urja Company Limited.
The firm is set to issue 1,119,000 shares of equity, each holding a nominal value of Rs. 100. The total amount being raised is Rs. 11.19 Crore.
NIC Asia Capital Limited has been designated as the manager for the IPO process.
ICRA Nepal has elevated the issuer rating of Him Star Urja Company Limited (HUCL) from B+ to BB-, signifying a moderate likelihood of default concerning financial commitments. Furthermore, the long-term rating for the company was enhanced from LB+ to LBB-, while the short-term loan rating remains affirmed at A4. These evaluations represent ICRA Nepal’s assessment of HUCL’s overall financial reliability, not linked to any particular debt security.
Him Star Urja Company Limited was founded as a private entity in August 2010 and subsequently transitioned to a public company in December 2017. The company is engaged in the development of the 5MW Buku Kapati Khola hydropower project located in the Okhaldhunga and Solukhumbu districts of Koshi Province. The initiative is structured as a run-of-river (Ro-R) project with a Q40 design, initially estimated to cost NPR 1,023 million, with a debt-to-equity ratio of 64:36. As of mid-January 2025, around NPR 1,091 million has been utilized, reflecting approximately 95% physical completion. The company’s paid-up capital is near NPR 261 million, with prominent stakeholders including Mr. Dipak Tiwari (16.4%), Ms. Shobha Upreti (7.2%), among others.
