“We are targeting to issue the IPO within the month of Magh,” Ridi Hydropower’s company secretary Alok KC told . “We are, however, waiting for the final approval from SEBON (Securities Board of Nepal) at the moment.”
Civil Capital Limited, the issue manager, also stated that they plan to issue the IPO within a month.
ICRA Nepal has recently assigned an IPO Grade 3, indicating average fundamentals to the proposed IPO of Ridi Hydropower.
Of the total 11.7 lakh units of the IPO being floated, 23, 400 will be earmarked for the company staff, according to the concerned officials.
Notably, since the allotment of Century Commercial Bank's IPO is still a long way to go given the huge size of the offering as well as the response to it, investors most probably would have to make other arrangement for Ridi's IPO.
It may also be noted here that Ridi Hydropower had issued an IPO of 3 lakh unit equity shares to the local residents affected by or in the vicinity of the 2.4 MW Ridi Khola Small Hydropower Project in October, 2013.
It was oversubscribed by around two times.
Ridi Khola Small Hydropower Project, which came into operation in Kartik 2066, has already sold electricity worth Rs 14.83 crore to the Nepal Electricity Authority.
The developer of the project, Ridi Hydropower Development Company, was registered as a private company back in Ashwin 2057 and converted to a public undertaking in Shrawan 2063.The company has five hydropower projects under its belt, including 9.9 MW Iwa Khola Hydropower Project.
The company has the authorized capital of Rs 50 crore, issued capital of Rs 30 crore and the paid-up capital of Rs 18.3 crore after the issuance of the IPO to the locals.-SSN
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