KATHMANDU, Feb 23: Apollo Hydropower has issued its Initial Public Offering (IPO). In the first phase, the company has opened applications from Monday for residents of project-affected areas and for Nepalis working abroad.
The company has allocated shares worth Rs 47 million—470,000 ordinary shares—for local residents of the project-affected areas.
Malaysian govt decides to impose ban on migrant workers from Ju...
Additionally, the company has reserved 94,000 shares worth Rs 9.4 million for Nepalis working abroad. Applications under this category will remain open until February 26.
Apollo Hydropower received approval from the Nepal Securities Board (SEBON) to issue 1,410,000 shares worth Rs 141 million, representing 30 percent of its issued capital of Rs 470 million. After allocating shares to locals and migrant workers, the company will issue shares to the general public in the second phase.
In the credit rating conducted for the IPO, CARE Ratings Nepal assigned the company a CARE-NP BB- issuer rating, indicating a moderate risk in the company’s capacity to meet its financial obligations.
