Kathmandu. Apollo Hydropower Company Limited (ABCL) has issued an initial public offering (IPO) from today.

In the first phase, the company has issued the initial public offering (IPO) to the locals of the project-affected areas and the Nepalese working abroad.

The company has been permitted to issue 14,10,000 units of shares worth Rs 14.10 crore, i.e. 30% of the issued capital of Rs 570 crore.

The company is issuing 4,70,000 units of shares worth Rs 4.70 crore at the rate of Rs 100 per share.

The company has set aside 50% i.e. 235,000 units of shares to the locals of Khijidemba Rural Municipality Ward 7 and 8 of Okhaldhunga District.

Similarly, an additional 30 percent i.e. 141,000 units will be distributed to the residents of Likhupike Rural Municipality-2 of Solukhumbu and Umakunda Rural Municipality-3 of Ramechhap district. Similarly, the remaining 20 percent i.e. 94,000 units of shares will be distributed among the locals of Umakunda Rural Municipality-2 and Gokulganga Rural Municipality-1 of Ramechhap district.

The company is issuing 94,000 units of ordinary shares worth Rs 9,40,000 i.e. 10% to the shareholders of the company.

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 area can apply till March 10. If the application is not received as per the demand within the stipulated period, they can apply till March 10.

Nepalis 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 Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can bid for the shares from Apollo Hydropower at Okhaldhunga, Kinja branch of Laxmi Sunrise Bank, Shivalaya branch at Ramechhap, Khijidemba branch of Nepal Investment Bank at Okhaldhunga branch and Citizen Bank at Likhupike branch of Solukhumbu.

Nepalese who are in foreign employment can apply for the shares through banks and financial institutions licensed by the Securities Board of Nepal and My Shares.