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Tag: Chirkhwa
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Chirkhwa Hydro Power Limited Successfully Allots IPO Shares to Strong Demand, Achieving Oversubscription
The IPO allotment of Chirkhwa Hydro Power Limited has been successfully concluded at the offices of the issue manager, RBB Merchant Banking Limited in Kathmandu.
Chirkhwa Hydro Power Limited had initially issued 8,59,300 unit IPO shares at a par value of Rs 100 for the general public from the 23rd to the 26th of Ashwin, 2080. Previously, the company had allocated 4,00,000 unit shares, equivalent to 10% of the issued capital, to project-affected locals in the Bhojpur District. However, only 2,04,700 units were allotted to valid applicants, leaving 1,95,300 unsubscribed units. These unsubscribed shares have now been combined with the 8,00,000 units (20% of the issued capital reserved for the general public), resulting in a total of 9,95,300 units available for the general public.
Out of the 9,95,300 units, 80,000 units were already issued and allotted to Nepalese citizens working abroad, 40,000 units were designated for mutual funds, and 16,000 units were set aside for company employees. The remaining 8,59,300 units were open for the general public.
The IPO received a remarkable response, with 11,31,936 valid applicants applying for a total of 1,21,36,760 units, oversubscribing the offering by more than 14.12 times. The allotment process involved 85,930 applicants being allocated 10 units each through a lottery system, while the remaining 10,46,006 applicants were not allotted any shares. Additionally, 40,000 units were allotted to mutual funds, and 16,000 units were designated for company employees.
Notably, a total of 2,381 applicants who had applied for 32,700 units were disqualified. The IPO results are available through various channels, including CDSC IPO Result, MeroShare, and RBB Merchant Banking Limited.
Chirkhwa Hydropower Limited, established in January 2009, is actively engaged in the development of a 4.7 MW Upper Chirkhwa Khola Hydropower Project in the Bhojpur district, Province-1 of Nepal. This project is categorized as a run-of-the-river (R-o-R) type and is being developed at a 40% probability of exceedance. The project’s budgeted cost is NPR 910 million, with funding in a 60:40 debt-equity ratio. The debt component of NPR 545 million is secured with Rastriya Banijya Bank Limited. The project has achieved approximately 90-95% progress as of mid-January 2023. Furthermore, ICRA Nepal has reaffirmed Chirkhwa Hydropower Limited’s issuer rating at [ICRANP-IR] BB-, signifying a moderate risk of default regarding the timely servicing of financial obligations.
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Chirkhwa Hydro Power IPO Allotment Sees Overwhelming Demand, 11.14 Times Oversubscribed
The initial public offering (IPO) allotment for Chirkhwa Hydro Power Limited is scheduled for this Thursday, falling on the 16th of Kartik, 2080, in accordance with the Nepali calendar. The allotment event will take place at the premises of the issue manager, RBB Merchant Banking Limited, located in Kathmandu, commencing at 1 PM.
Out of the total offering of 9,95,300 units, 80,000 units have already been assigned to Nepalese citizens working abroad, 40,000 units were specifically reserved for mutual funds, and an additional 16,000 units were set aside for the company’s employees. The remaining 8,59,300 units were made available to the general public at a par value of Rs. 100.
Data from the Central Depository System and Clearing Limited (CDSC) reveals that 873,180 applicants submitted applications for a combined total of 95,68,430 units, equivalent to a value of Rs. 95.69 Crores, as of the closing day. Consequently, the IPO has been oversubscribed by a remarkable 11.14 times.
Analyzing the data, it is evident that only 85,930 fortunate applicants will secure ownership of the company.
ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) for Chirkhwa Hydropower Limited. Companies with this rating are assessed to carry a moderate risk of default when it comes to meeting their financial obligations promptly.
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Chirkhwa Hydropower’s 859,300 IPO Shares Open to General Public on Ashwin 23
Chirkhwa Hydro Power Limited is set to release 859,300 IPO shares with a face value of Rs. 100 starting on the 23rd of Ashwin, 2080. The IPO offer will close on the 26th of Ashwin, and if it isn’t fully subscribed, it can be extended until the 3rd of Kartik, 2080.
Previously, the company allocated 400,000 shares to locals affected by the project in Bhojpur District, but only 204,700 shares were distributed to eligible applicants. Consequently, the remaining 195,300 shares from these project-affected locals are combined with 800,000 shares (reserved for the general public, which is 20% of the total issued capital) to create a total of 995,300 shares available for the general public.
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IPO Allotment: Chirkhwa Hydropower Allocates Shares to Project-Affected Locals on 8th Ashwin
On Monday, Ashwin 8, the IPO of Chirkhwa Hydropower was allocated to residents affected by the project in Bhojpur District. The distribution of the company’s IPO took place at the office of RBB Merchant Banking Limited, which is overseeing the IPO issuance.
Between Shrawan 28th and Bhadra 25th, the company had offered shares to project-affected locals in Bhojpur District, following approval from SEBON (Securities Board of Nepal). The company had issued a total of 400,000 shares, each with a face value of Rs 100, exclusively for these local residents. As per the notice, all 400,000 units were allotted to eligible applicants.
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Chirkhwa Hydropower IPO Allotment for Nepali Migrants
On Tuesday, which was Bhadra 26 in the Nepali calendar, the Chirkhwa Hydropower IPO was allocated to Nepali migrant workers living abroad. The IPO distribution took place at the office of RBB Merchant Banking Limited, which serves as the company’s IPO issue manager.
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Chirkhwa Hydropower Issuing IPO Shares to Locals of Bhojpur District and Nepalese Employed Abroad from Shrawan 28
Chirkhwa Hydropower Limited has released an offer letter for an Initial Public Offering (IPO) available to locals affected by the project in Bhojpur District and Nepalese citizens working abroad. The IPO will be open from the 28th of Shrawan to the 10th of Bhadra, 2080. If the locals in Bhojpur District don’t fully subscribe to the IPO by the initial closing date, the deadline may be extended until Bhadra 25. However, this extension won’t apply to Nepalese citizens working abroad.
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SEBON Approves IPOs for Chirkhwa Hydropower and Mathillo Mailun Khola Jalvidhyut
SEBON Approves IPOs for Chirkhwa Hydropower and Bhagwati Hydropower
The Securities Exchange Board of Nepal (SEBON) has given the green light to the initial public offering (IPO) proposals of Chirkhwa Hydropower Limited and Bhagwati Hydropower Development Company Limited on Ashad 20, 2080. Chirkhwa Hydropower will issue 1,200,000 equity shares at a par value of NPR 100 each, amounting to Rs. 12 Crore, which is 30% of the company’s issued capital. The total paid-up capital for the company will be Rs. 40 crore after the IPO allotment. RBB Merchant Banking Limited has been appointed as the issue manager for the IPO issuance, with the proposal initially submitted on Kartik 17, 2079.