Kathmandu. Taksar Pikhuwa Khola Hydropower Company is opening its initial public offering (IPO) from today. The company is going to issue IPO for the local residents of the project-affected area and the Nepalese employed abroad.

The company was allowed to issue 4,230,668 units of shares worth Rs 4,230,66,800 i.e. 35.26 percent of the issued capital of Rs 1.20 billion. Out of this, 12 lakh units of ordinary shares worth Rs 120 million each will be issued to the locals of the project-affected area. Local residents of Bhojpur district can apply for the IPO.

Likewise, 10% of the total offered shares to ordinary investors at a face value of Rs 100 per share will be issued to the general investors and 1,51,533 units will be issued to the employees of the company after obtaining labour permit from the concerned body of the government.

Applications can be place for minimum 10 units and maximum 50,000 units. For the locals of the project-affected areas, the issuance will be held on April 26 at the earliest and will be held on April 11. Similarly, the exodus for Nepalis who are in foreign employment will be closed on March 1 at the earliest and on March 24 at the latter.

Care Ratings Nepal has assigned CareNP Double B Plus Issue Rating to the company. This indicates that there is an average risk to the company’s ability to meet its obligations.

Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can bid for the shares from Prabhu Bank’s Bhojpur, Prabhu Bank’s Bhojpur, Prabhu Bank’s Bhojpur branch office and Citizens Bank International’s Bhojpur branch office. Residents of the project-affected areas have to pay Rs 2 to receive the application form.

NRB, Nepalese who are on foreign employment can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices through the ASBA system.