KATHMANDU, Jan 29: Ridge Line Energy is set to issue its initial public offering (IPO) in the second phase from February 11.
The company is moving to the second phase after distributing shares to project-affected locals and Nepalis working abroad. In this phase, the IPO will be sold to the general public.
Ridge Line has allocated 1.18 million shares worth Rs 118.02 million for the general public. Applications for the IPO can be submitted until February 16.
Earlier, the company had distributed 1.185 million ordinary shares worth Rs 118.5 million to residents of the project-affected areas. Similarly, it has already allotted 142,200 shares worth Rs 14.22 million to Nepalis employed abroad.
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Ridge Line Energy has received approval from the Securities Board of Nepal to issue 2.607 million shares worth Rs 260.7 million, which is equivalent to 22 percent of its issued capital of Rs 1.185 billion.
The company has constructed the 9.05-megawatt Super Chepe Hydropower Project, which is currently in operation. Built with an investment of Rs 2.096 billion, the project has been generating commercial electricity since January 2024 and supplying power to the national grid.
In the IPO rating conducted for the share issuance, CARE Ratings Nepal has assigned the company a CARE-NP BB issuer rating, indicating a moderate level of risk in the company’s capacity to meet its financial obligations.
Prabhu Capital is the issue and sales manager for the company’s IPO.
