Bikash Hydropower IPO for Gorkha Locals and Overseas Nepalese Closes Today
The company issued 909,101 shares (10% of paid-up capital) for Gorkha locals and 354,550 shares for Nepalese migrant workers.
Bikash Hydropower Company Limited is closing its IPO today, Jestha 20, 2082, for project-affected locals of Gorkha District and Nepali citizens working abroad. The IPO had opened on Jestha 6.
The company issued 909,101 shares (10% of paid-up capital) for Gorkha locals and 354,550 shares for Nepalese migrant workers. The overseas portion saw high demand, with 62,527 applicants requesting over 1.45 million shares, oversubscribing the issue by 4.09 times.
The next phase will offer 3,545,495 shares to the general public, with allocations for mutual funds, employees, and general investors. Prabhu Capital is managing the issue.
Bikash Hydropower’s credit rating was recently upgraded by ICRA Nepal to [ICRANP-IR] BBB-, signaling improved financial stability. The company operates the 4.55 MW Upper Machha Khola Small Hydropower Project in Gorkha and was established in 2017, converting to a public company in 2022.
The project, built at a cost of NRs 1.12 billion, is funded with a 58:42 debt-to-equity ratio and generates around 31.16 GWh annually.