Last Day to Apply for Solu Hydropower IPO Today

Solu Hydropower Limited has announced that today, Magh 4, is the final day to apply for its Initial Public Offering (IPO), which has been open to the general public since Poush 29. Following the allocation of shares to project-affected local residents and Nepalis working abroad, the company issued the IPO to the general public. The company received approval to issue 20% of its NPR 10 billion paid-up capital, equivalent to NPR 2 billion or 20 million shares. In the first phase, 10 million shares were allotted to local residents and 1 million shares to Nepalis employed overseas. In the second phase, 500,000 shares have been reserved for mutual funds and 300,000 shares for employees, while the remaining 8.2 million shares are offered to the general public. Investors can apply for a minimum of 10 shares and a maximum of 100,000 shares. Infomerics Credit Rating Nepal has assigned the company an IRN Double B issuer rating, indicating an average level of risk. The company is developing the 82 MW Lower Solu Hydropower Project with an estimated total cost exceeding NPR 16.30 billion. The issue and sales managers are Nabil Investment Banking Limited and Himalayan Capital Limited. Investors may apply through all C-ASBA member banks and financial institutions approved by the Nepal Securities Board, or via the ‘Mero Share’ online system developed by CDS and Clearing Limited.