KATHMANDU, May 20: Bikash Hydropower Company has issued an IPO (Initial Public Offering). The hydropower company opened the IPO sale from Tuesday for local communities affected by the project and for individuals who have gone abroad for employment.
The company has allocated 909,101 shares, valued at Rs 99.1 million, for locals affected by the project. Similarly, 354,550 shares, valued at Rs 35.45 million, have been set aside for workers who have gone abroad for employment.
The workers abroad can apply for the shares at a face value of Rs 100 per share until June 3. Similarly, the sales manager has stated that applications for those affected by the project will be open until June 3 at the earliest and June 18 at the latest.
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Shares have been allocated for the locals of wards 1, 2, 3, 4, 5, 6, and 7 of Dharche Rural Municipality in Gorkha, who are directly or indirectly affected by the project.
The company has received approval from the Securities Board of Nepal (SEBON) to issue 4.454 million shares, which represents 49 percent of its total capital of Rs 909.1 million.
After setting aside shares for the affected locals, workers abroad, employees, and collective investment funds, the hydropower company will issue 2.942 million shares for the general public.
The company has reported a profit of 12.8 up to the month of Poush in the current fiscal year. During this period, the company’s net worth stood at Rs 102.76 per share, and its earnings per share (EPS) were Rs 5.37.
Prabhu Capital is serving as the issue and sales manager for the company's IPO.
