Kathmandu. Solu Hydropower Company Limited (SHPCL) has issued an initial public offering (IPO).

The company has issued an initial public offering (IPO) from today. In the first phase, the company has issued shares to the locals of the project-affected areas and to the Nepalis living abroad for employment. In the second phase, the shares will be issued to the general public.

The company has been allowed to issue 20 percent of the issued capital i.e. 20 million units of shares worth Rs 2 billion. The company is issuing 1.01 billion units of shares.

In the IPO, 40 percent i.e. 4 million units have been issued to the locals of Solu Dudhkunda Municipality-7, 11 and Thulung Dudhkoshi Rural Municipality-1 and 60 percent i.e. 6 million units have been issued to the locals of Solu Dudhkunda Municipality and Thulung Dudhkoshi Rural Municipality.

Similarly, the company has issued 10 lakh units of shares worth Rs 100 million to the Nepalese living abroad for employment. Applications can be place for minimum 10 units and maximum 1,000,000 units.

Locals of the project-affected areas can apply for the IPO till December 7. If the application is not received as per the demand within the stipulated period, the application can be submitted till December 7. Nepalis living abroad can apply till November 26. Applications can be submitted till December 21.

Nabil Investment Banking has been appointed as the issue manager for the IPO issuance. The local people can apply for the IPO from Global IME Bank, Solukhumbu branch of Global IME Bank, Nele branch of Laxmi Sunrise Bank, Solukhumbu branch and Tingla of Solukhumbu.

Nepalis who are in foreign employment can apply from the Securities Board of India (SEBON) through the banks and financial institutions that are members of the Securities Board of India (SEBON) and Mero Shares.