KATHMANDU, April 9: Apollo Hydropower Company has opened the sale of its Initial Public Offering (IPO) to the general public.
The company launched the second phase of the IPO after distributing shares in the first phase to project-affected locals and Nepalis working abroad.
Under the public offering, the company has allocated 780,200 shares worth Rs 78.02 million for general investors. Applications for the IPO opened on Thursday and will remain open until April 15.
Apollo Hydropower received approval from the Securities Board of Nepal (SEBON) to issue 1.41 million shares worth Rs 141 million, equivalent to 30 percent of its issued capital of Rs 470 million.
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The company has already distributed shares to locals, foreign-employed Nepalis, employees, and mutual funds in earlier phases.
CARE Ratings Nepal has assigned the company a CARE-NP BB- issuer rating, indicating a moderate risk in its capacity to meet financial obligations.
Apollo Hydropower is currently operating the 6 MW Buku Khola Hydropower Project, which has an estimated total cost of Rs 1.372 billion. The estimated cost per megawatt stands at around Rs 228.67 million.
Himalayan Capital Limited has been appointed as the issue and sales manager for the IPO. According to the company’s prospectus, Apollo Hydropower reported a net worth of Rs 111.99 per share and earnings per share of Rs 4.70 up to the fiscal year 2024/25.
The company also reported Rs 39.4 million in reserve funds during the same period.
