Three Star Hydropower Limited is closing the initial public offering (IPO) for Nepalese citizens working abroad today, i.e., 25th Baisakh, 2080, and has extended the deadline for project-affected locals to apply for the IPO until 9th Jestha. The IPO issue was opened on 11th Baisakh, 2080. The company’s issued capital is Rs. 49.25 Crores, of which 10% has been allocated to project-affected locals of Khotang District, while 15% will be issued later for the general public. Of this public issue, 10% has been allocated for Nepalese citizens working abroad, and the issue for this segment will close today.
The minimum application quantity for project-affected locals is ten units, while the maximum quantity is 492,500 units. For Nepalese citizens working abroad, the minimum application quantity is ten units, and the maximum quantity is 73,875 units. The IPO issue manager is Himalayan Capital Limited. After this IPO, the promoter-public share ratio will be 75:25.
As per CDSC, Nepalese citizens working abroad have submitted 20,646 applications for a total of 512,280 units. So far, the issue has been oversubscribed by 6.93 times.
Three Star Hydropower Limited is a public company located in Province 1, Haleshi Tuwachung Municipality, Khotang. The company was established in 2072 BS and has a total capacity of 7.151 MW. The founders of the company are Kumar Kharel, Mohan Karki, and Madhav Mainali, who named the company after themselves and then named it Three Star Hydro. Later, Uddhav Raj Shivakotee ‘Kangal’, Pradeep K Agrawal, Ananda P Manandhar, Zen Lama, and Ratna Bdr Newar joined the founders. ICRA Nepal has assigned an issuer rating of Three Star Hydropower Limited as [ICRANP-IR] B-, indicating a high risk of default regarding the timely servicing of financial obligations.
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