Mount Everest Power Development Limited has officially opened its Initial Public Offering (IPO) for the general public from today, Ashadh 3. The company moved to the public phase of issuance after completing allotment for project-affected locals and Nepali citizens working abroad.
The company had received approval to issue 25.80 lakh ordinary shares worth Rs. 25.80 crore, representing 30% of its total issued capital of Rs. 86 crore. Out of the approved public issue, 8.60 lakh units had already been allotted to project-affected residents, while 1.72 lakh units were reserved and distributed to Nepali citizens employed overseas. In addition, 34,400 units were allocated to company employees and 86,000 units were reserved for mutual funds.
Under the second phase, the company has now opened the remaining 14,27,600 units of shares to the general public at a par value of Rs. 100 per share.
Investors can apply for a minimum of 10 units and a maximum of 10,000 units. The IPO will close on Ashadh 8 if fully subscribed earlier; otherwise, the issue may remain open until Ashadh 17.
For the public offering, the company received an issuer rating of CARE-NP BB+ from CARE Ratings Nepal, indicating a moderate level of risk in meeting its financial obligations.
Mount Everest Power Development is developing the 12 MW Dudhkunda Khola Hydropower Project. The total estimated project cost stands at Rs. 2.36 Arba, with an estimated cost per megawatt of approximately Rs. 19.74 crore. The project still has around 28 years and 9 months remaining under its power generation license.
According to the company’s projections, the project’s simple payback period is estimated at 6.40 years, while the discounted payback period stands at 8.94 years.
The issue is being managed by NIMB Ace Capital. Eligible investors can submit applications through C-ASBA participating banks and financial institutions or apply online via MeroShare.
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