Beni Hydropower Project Limited Opens IPO Today

Beni Hydropower Project Limited has opened its Initial Public Offering (IPO) for subscription starting today (Chaitra 1). The company is issuing shares to residents of the project-affected areas as well as Nepali citizens working abroad. The company received approval to issue 20% of its issued capital worth NPR 1.04 billion, equivalent to NPR 208 million or 2.08 million shares. Out of this, 1.04 million shares worth NPR 104 million have been allocated for local residents of the project-affected areas in Solukhumbu district. Among them, 520,000 shares will be distributed to residents of highly affected wards 2, 3, and 4 of Solududhkund Municipality, 312,000 shares to residents of wards 5, 6, 7, and 11, and 208,000 shares to residents of other areas of Solukhumbu district. In addition, 104,000 shares (10% of the shares allocated for the general public) have been reserved for Nepali citizens working abroad who have obtained labor approval from the Government of Nepal. Applicants can apply for a minimum of 10 shares and a maximum of 10,000 shares. The IPO for local residents will close early on Chaitra 15 and late on Chaitra 30, while the IPO for Nepalis working abroad will close early on Chaitra 5 and late on Chaitra 15. The company is developing the 19.8 MW Upper Solukhola Hydropower Project with an estimated cost of over NPR 3.85 billion. The issue manager for the IPO is NMB Capital Limited.