Investors have only until today (June 22 / Asar 8) to apply for the Initial Public Offering (IPO) issued by Mount Everest Power Development Limited, which opened for subscription on Asar 3.
Following the completion of share allocation for project-affected local residents and Nepali citizens working abroad, the company has now opened the IPO to the general public.
Mount Everest Power Development Limited had received approval to issue 25.80 lakh (2.58 million) ordinary shares worth NPR 25.80 crore, representing 30 percent of its issued capital of NPR 86 crore.
Out of the total approved shares:
- 8.60 lakh shares were allocated to local residents of the project-affected areas.
- 1.72 lakh shares were allocated to Nepali citizens working abroad.
- 34,400 shares were reserved for company employees.
- 86,000 shares were reserved for mutual investment funds.
In the second phase of the offering, the company has opened the remaining 14.276 lakh (1,427,600) ordinary shares for subscription to the general public. The total value of this public issue stands at NPR 14.276 crore, with each share carrying a face value of NPR 100.
For this IPO, investors must apply for a minimum of 10 shares and can apply for up to a maximum of 10,000 shares.
Regarding the company’s credit assessment, Care Ratings Nepal has assigned the company a CARE-NP Double B Plus Issuer Rating. This rating indicates a moderate level of risk in the company’s ability to meet its financial obligations.
The company is currently operating the 12 MW Dudhkunda Khola Hydropower Project. The total project cost stands at NPR 2.369 billion, while the cost per megawatt is approximately NPR 197.44 million.
According to the company, the project’s electricity generation license has a remaining validity period of 28 years and 9 months. The simple payback period of the investment is estimated at 6.40 years, while the discounted payback period is estimated at 8.94 years.
NIMB Ace Capital Limited has been appointed as the issue and sales manager for the IPO.
Eligible investors can submit applications through the C-ASBA system via banks and financial institutions authorized by the Securities Board of Nepal (SEBON), along with their designated branch offices. Applications can also be submitted online through the Mero Share platform operated by CDS and Clearing Limited.
With the application deadline ending today, interested investors are advised to complete their applications within the prescribed time period.
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