Today Marks the Final Day to Apply for Apollo Hydropower IPO Reserved for Nepalis Working Abroad

Kathmandu. Apollo Hydropower Limited has set today (Falgun 14) as the final day to apply for its Initial Public Offering (IPO) issued for Nepalis working abroad. The company had opened the IPO for foreign-employed Nepalis from Falgun 11.

Out of its total issued capital of Rs. 57 crore, the company received approval to issue 30 percent shares amounting to Rs. 14.10 crore, equivalent to 1.41 million units. Of the shares allocated for the general public, 94,000 units (10 percent of the public quota) at a face value of Rs. 100 per share have been reserved specifically for Nepalis working abroad with labor approval from the Government of Nepal. Applicants can apply for a minimum of 10 units and a maximum of 94,000 units.

The company is developing a 6 MW Buku Khola Hydropower Project with an estimated total cost of Rs. 1.372 billion. The estimated cost per megawatt stands at Rs. 228.67 million. The simple payback period of the project is projected at 7.77 years, while the discounted payback period is estimated at 16.43 years.

For the IPO rating, CARE Ratings Nepal has assigned the company a ‘CARE-NP BB-’ issuer rating, indicating moderate risk in its capacity to meet financial obligations.

The issue manager for the IPO is Himalayan Capital Limited. Eligible Nepalis working abroad can apply through the C-ASBA system via banks and financial institutions participating in ASBA services after obtaining approval from the Securities Board of Nepal.