Appolo Hydropower Limited is initiating the closure of an IPO share offering comprising 7,80,200 units at a nominal value of Rs 100, starting today, which is 2nd Baishakh, 2083. The offering was made available to the public on 26th Chaitra, 2082.
The company’s capital stands at Rs. 47 crores. Out of that, 30%, which translates to 14,10,000 unit shares, will be provided to the public. From the total capital issued, 10%, equating to 4,70,000 unit shares valued at Rs. 47 Crores, will be designated for locals affected by the project in Okhaldhunga, Solukhumbhu, and Ramechhap districts. The leftover 20% of the issued capital, amounting to 9,40,000 unit shares, is for the general audience.
Within this general public offering, 10%, or 94,000 unit shares, are allocated for Nepalese nationals residing abroad. Additionally, 2%, which is 18,800 units, has been earmarked for the company’s employees, while mutual funds have been reserved 5% of the total shares offered, translating to 47,000 units. The remaining 7,80,200 units will be issued to the general public and will close today.
Himalayan Capital Limited has been designated as the issue manager for this public offering. Applications can be submitted for a minimum of 10 units and a maximum of 94,000 units.
According to CDSC, there have been 26,23,820 applicants requesting 2,99,04,950 units. Consequently, the offering has seen an oversubscription of 38.32 times.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating for Appolo Hydropower Limited (AHL) at ‘CARE-NP BB- (Is)’ and its long-term banking facilities rating at ‘CARE-NP BB-’, indicating a moderate risk of default regarding financial obligations in Nepal.
Apolo Hydropower Limited (AHL), originally registered as a private limited entity, transitioned into a public limited company on September 22, 2022. The organization is working on a 6 MW run-of-the-river project in Okhaldhunga District, Nepal, following the BOOT (Build, Own, Operate, and Transfer) model.
