The Dolakha District residents who would be impacted by the project as well as Nepalese nationals who are employed overseas have received an offer letter from Makar Jitumaya Suri Hydropower Company Limited to participate in an Initial Public Offering (IPO).

The initial public offering (IPO) for locals and Nepalese nationals working abroad will begin on March 15 and end on March 29 of 2079. It should be noted that for Dolakha District residents, the problem may be prolonged until the 15th Falgun if the early closure date is not met. The issue, nevertheless, won’t be continued through the early closure date for Nepalese nationals who are employed overseas.

10%, or 7,60,000 unit shares worth Rs. 7.6 crores, of the company’s Rs. 76 crores in issued capital have been given to Dolakha District residents who will be impacted by the project. A later date will see the issuance of 15,20,000 unit shares, or 20% of the company’s issued capital, for the general public. 10% of the shares, or 152,000 units, of this public offering have been set aside for Nepalese nationals working overseas. The issuance will begin on the date specified above.

How much to apply?

The lowest application quantity for the project’s localities is 10 units, while the maximum application quantity is 10,000 units. The minimum and maximum application quantities for Nepalese nationals working abroad are 10 and 50,000, respectively.

About Issue Manager

The issue manager has been named as Prabhu Capital Limited. After this IPO, the promoter-public share ratio will be 70:30.

Rating

Rating agency Icra Nepal has given ‘Icra NP IR Triple B Minus’ rating to the company’s IPO. This rating indicates that the company is moderately secure in meeting its financial obligations on time.

About Company : 

Under the Government of Nepal Company Act 2053 on B.S. 2065, Makar Jitymaya Suri Hydropower Limited was created and registered with the Department of Industries. Under the Company Act 2053 on B.S. 2075, the company became a public limited company.

Suri Khola Hydropower Project 6.4 MW and Upper Suri Khola Hydropower Project 7 MW, which are hydropower projects identified in the Suri River at Gaurishankar Rural Municipality-05, Suri, Dolakha, have been proposed by Makar Jitymaya Suri Hydropower Limited. The company’s operations are conducted in collaboration with the Ministry of Energy (MoE), Nepal’s Department of Electricity Development (DoED), and the neighborhood. It has intended to boost hydropower development quickly in order to benefit the national economy.