Kathmandu. Apollo Hydropower Company Limited is going to issue initial public offering (IPO) from February 24.

In the first phase, the company will be able to apply for the project affected area locals and Nepalis who are in foreign employment with labour permit.

The company is issuing 14,10,000 units of shares worth Rs 14.10 crore at the rate of Rs 100 per share, which is 30% of the issued capital of Rs 57 crore. The company is issuing 4,70,000 units of ordinary shares at a face value of Rs 100 each to the locals of the project-affected area.

The company is issuing 50% of the shares to the locals of Okhaldhunga Rural Municipality-7 and 8.

Similarly, 30 percent or 141,000 units of shares will be issued to the residents of Likhupike Rural Municipality-2 of Solukhumbu and Umakunda Rural Municipality-3 of Ramechhap district. The remaining 20 percent i.e. 94,000 units of shares can be applied by the locals of Umakunda Rural Municipality-2 and Gokulganga Rural Municipality-1 of Ramechhap district.

Similarly, the company will issue 94,000 units of shares at the rate of Rs 100 per share to the general public for the general investors after obtaining work permit.

The applicant has to apply for a minimum of 10 shares in the IPO. Applications can be place for minimum 10 units and maximum 47,000 units. Nepalese employed abroad can apply for a maximum of 94,000 units of shares.

Locals of the project-affected areas can apply till March 25. If the application is not received as per the demand within the stipulated period, the applicant can apply till March 10. Similarly, Nepalese who are in foreign employment can apply till February 28. If the application is not received as per the demand within this period, the application can be submitted till March 25.

Himalayan Capital has been appointed as its issue manager. The interested bidders can bid for the shares from the project office at Kinja Solukhumbu branch of Laxmi Sunrise Bank, Shibalaya and Preeti branch of Ramechhap, Khijidemba branch of Nepal Investment Bank at Okhaldhunga and Likhupike branch of Citizens Bank.

Similarly, Nepalese who are in foreign employment can apply from the Securities Board of Nepal (SEBON) through banks and financial institutions with C Ashwa members and My Shares.