Kathmandu. Himparbat Hydropower Company has issued an initial public offering (IPO) from today. The company has issued an IPO for the local residents of the project-affected areas and Nepalis who are employed abroad.

The company has been allowed to issue 59,15,000 units of shares worth Rs 59.15 crore, or 35 per cent of the issued capital of Rs 1.69 billion. Out of this, 16,90,000 units of ordinary shares worth Rs 16.90 crore have been issued to the locals of the project-affected areas at the rate of Rs 100 per share.

10,14,000 units of shares have been issued to the permanent residents of Bigu Rural Municipality-5, 6, 7 and 8 and Kalinchowk Rural Municipality-2, 3 and 4 of Dolakha district. The remaining 6.76 lakh units have been issued to the permanent residents of other wards of these two rural municipalities.

Similarly, 4,22,500 units of ordinary shares worth Rs 4,22,50,000 per share will be issued to Nepalese employed abroad with labour permit. Applications can be applied for the IPO from a minimum of 10 units to a maximum of 10,000 units.

Local residents of the project-affected areas can apply till November 10. If the application is not received as per the demand during this period, the application can be made till November 25. Nepalis who are in foreign employment can apply till November 1. If the application is not received as per the demand during this period, the application can be made till November 10.

Citizens Capital Limited has been appointed as the issue manager for the IPO issuance. The local people can apply from Singati branch office of Nepal Investment Bank, Sindhu Bikas Bank and Prabhu Bank, Sunkhani Extension Counter of Laxmi Sunrise Bank and Charikot branch of Citizens Bank.

Nepalese working abroad can apply for the shares through banks and financial institutions licensed by the Securities Board of Nepal (SEBON) and Mero Shares.