Mount Everest Power Development Limited has issued a notification regarding the initiation of an Initial Public Offering (IPO) specifically for the community members affected by the project in Solukhumbu District, as well as for Nepalese citizens residing abroad.
The IPO opportunity for the residents of Solukhumbu District is set to commence from 17th Baishakh to 31st Baishakh, 2083, with a potential extension until Jestha 18, 2083, in case of insufficient subscriptions before the early closure. Meanwhile, the opportunity for Nepalese citizens living overseas will start from 17th Baishakh to 23rd Baishakh, 2083, and could also be extended until Baishakh 31 if the demand is low.
The company’s total issued capital stands at Rs. 86 Crores. Out of this, 30%, which equals 25,80,000 unit shares, will be distributed to the public. Specifically, 10% of the total issued capital, representing 8,60,000 unit shares valued at Rs. 8.60 Crores, will be reserved for the project-affected residents in Solukhumbu District. The remaining 20% of the issued capital, equivalent to 17,20,000 unit shares, will be available to the general public.
From this public offering, 10% of the 17,20,000 shares, totaling 1,72,000 unit shares, have been allocated for Nepalese citizens living abroad, with the offering for this group following the previously mentioned schedule.
For project-affected residents, the minimum application amount required is 10 units, while applicants may request a maximum of 10,000 units. For Nepalese citizens abroad, the minimum application amount is also 10 units, with the same maximum of 10,000 units.
NIMB Capital Limited has been designated as the issue manager for this public offering.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer and long-term bank facility rating of Mount Everest Power Development Limited at ‘CARE-NP BB+’, signifying a moderate risk of default, and has awarded a ‘CARE-NP A4+’ rating to its short-term bank facilities.
Founded on November 16, 2014, Mount Everest Power Development Limited (MEPDL) has been running the 12 MW run-of-river Dudhkunda Khola Hydroelectric Project in the Solukhumbu district since July 31, 2024. The project is structured under the BOOT (Build, Own, Operate and Transfer) model.
