Kalanga Hydropower Opens IPO for Locals and Overseas Workers
News Summary
Reviewed and edited.
- Kalanga Hydropower has issued shares worth NPR 140 crore representing 35 percent of the company to the general public.
- Local residents from the project-affected areas can apply from Chaitra 24 to Baisakh 9, while overseas workers can apply until Chaitra 15.
- The company developed the 15.33 MW Kalangagad project and has received a BB+ credit rating indicating moderate risk.
10 Chaitra, Kathmandu – The Initial Public Offering (IPO) of Kalanga Hydropower has been opened for local residents of the project-affected areas as well as Nepalis working abroad.
The company is issuing a total of 49 lakh shares worth NPR 140 crore, which accounts for 35 percent of the total shares for the general public group. Among these, 14 lakh shares have been reserved specifically for locals residing in the project-affected areas. Sanima Capital has been appointed as the issue manager for this offering.
The project-affected areas include Kedarasyu Rural Municipality wards 4 and 5, Bitthadchir Rural Municipality wards 6 and 8, Bungel Municipality wards 3, 4, 5, 6, and 8 in Bajhang district; Dilasaini Rural Municipality wards 1 and 2 in Baitadi district; as well as Shaileshikhar Municipality ward 1 in Darchula district.
Locals from these project-affected areas can apply between Chaitra 24 and Baisakh 9. Additionally, 3.5 lakh shares have been allocated to Nepali nationals working abroad, who are allowed to submit applications until Chaitra 15.
The minimum application is for 10 shares and the maximum limit is 20,000 shares per applicant. The company has received a BB+ credit rating from CARE Ratings, indicating a moderate level of risk. Kalanga Hydropower has constructed the 15.33 megawatt Kalangagad project in Bajhang, with a total project cost of NPR 433 crore and a cost of approximately NPR 28.3 crore per megawatt.