The Himalayan Hydropower Limited (HMHL) is launching its initial public offering (IPO) today, 15th Ashad 2079. If the issue is not fully subscribed by the early closing date on 19th Ashad, the issue can be extended up to 29th Ashad, 2079.
In total, 19,68,250 shares worth Rs. 19,68 crores will be issued at a face value of Rs. 100. In total, 19,68,250 units were offered; 2% of the shares were reserved for the company’s employees, i.e. 39,365 units, while 5% of the shares were reserved for mutual funds, i.e. 98,413 units. 1830,472 of the remaining units are for the general public. Upon the issuance of the IPO, the company will have a paid-up capital of Rs. 1.09 Arba.
From 25th Baisakh to 23rd Jestha, 2079, the company issued 9,00,000 unit IPO shares representing 8.22% of its Rs. 1.09 Arba issued capital to the project-affected locals of Kaski District (Madi VDC). There are 9,00,000 units available, but only 2,81,750 units have been subscribed. Adding the remaining 6,18,250 shares unsubscribed to the 13,50,000 reserved for the general public (which represents 12.33%) gives a total of 19,68,250 shares for the general public. The promoter shareholders hold 79.45% of shares in the company.
Global IME Capital Limited will manage the IPO. Minimum and maximum applications are 10 units and 1000 units, respectively.
Himalayan Hydropower Limited‘s issuer rating has been downgraded to [ICRANP-IR] B+ (pronounced ICRA NP issuer rating B plus) from [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus). In terms of timely servicing of financial obligations, the issuers with this rating are considered to be at high risk of default.