Kathmandu. The Super Khudi Hydropower Company Limited (SCHL) has extended the deadline for application after the IPO was not sold as expected.

The company had issued the IPO for the local residents from January 22. However, if there are not enough applications within the stipulated time, the application can now be submitted till February 21.

The company has been permitted to issue 20 percent of the issued capital i.e. 3.1 million units of ordinary shares worth Rs 310 million. Out of the total offered shares, 15,50,000 units of ordinary shares worth Rs 15.50 crore have been issued for the locals of the project-affected area.

Out of the total number of shares allotted to the locals, 40 percent i.e. 620,000 units of ordinary shares have been allotted to the project-affected area of Marsyangdi Rural Municipality of Lamjung district. Local residents of Wards 2 and 3 will be apportioned. The remaining 60 percent i.e. 9,30,000 units of ordinary shares will be issued to Marsyangdi Rural Municipality Ward No. Local residents of wards 1, 4, 5, 6, 7, 8, and 9 will be apportioned.

Applications can be place for minimum 10 units and maximum 1,00,000 units. Care Ratings Nepal has assigned CareNP Double B Issuer Rating for the IPO issuance. This indicates that there is a moderate risk to the company’s ability to meet its obligations.

Global IME Capital Limited has been appointed as the issue manager for the IPO issuance. The locals can apply for the shares from Prabhu Bank, Global IME Bank, Agricultural Development Bank, Prime Commercial Bank and Himalayan Bank’s Bhulbhule branch. The application fee is Rs 2 to receive the application form.