The Kalanga Hydro IPO has opened from today, March 24, targeting project-affected locals and Nepalese citizens working abroad by Kalanga Hydro.
The company is issuing 35 percent of its total capital worth Rs 1.40 billion. Under this, a total of 4.9 million units of shares worth Rs 490 million will be distributed to the general public.
Out of the total offering, 1.4 million units worth Rs 140 million have been allocated for locals of affected areas. Among them, 910,000 units are reserved for highly affected regions across Bajhang, Baitadi, and Darchula districts, while the remaining 490,000 units are set aside for less-affected areas.
Similarly, 350,000 units worth Rs 35 million have been reserved for Nepalese citizens working abroad under the foreign employment quota.
Investors can apply for a minimum of 10 units and a maximum of 20,000 units. The issue will close early on April 7 and late on April 22 for locals. For foreign-employed Nepalis, the early closing date is March 29, and the final closing date is April 7.
CARE Ratings Nepal has assigned a ‘BB’ rating to the company, indicating moderate risk.
Sanima Capital has been appointed as the issue manager. Local applicants can submit their applications through designated bank branches, the issue manager’s office, and the project site. Meanwhile, foreign-employed Nepalis can apply for the Kalanga Hydro IPO through C-ASBA-approved banks and the MeroShare system.
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