Ruru Hydropower Limited’s IPO has been opened from Falgun 7. In the first phase, the company has issued IPO for the residents of the project-affected areas. In the second phase, the company will issue primary IPO shares to the public.
The company has issued 407,705 ordinary shares for the residents of the Gulmi district affected by the project. These ordinary shares have a face value of Rs 100. Applications for the IPO shares can be submitted first closing date Falgun 21 and as late as Chaitra 8.
How Many IPO shares to Apply?
The arrangement has been made for the locals to apply for a minimum of 10 units and a maximum of 400,000 unit shares of the company. NMB Capital is the share issuer and sales manager of Hydropower.
Hydropower companies reserve shares in the first phase for project-affected residents. As it is received in the reservation, the sale and distribution of such shares are prohibited for three years after allotment. In the second phase, locals affected by the project are not allowed to apply for the IPO of ordinary shares to be issued to the public.
Where & How to apply for IPO?
Locals can apply for IPO from various branch offices of Shine Resung Development Bank in Gulmi, Garima Development Bank, Global IME Bank and Kumari Bank limited branches in Gulmi. In addition, applications can be submitted from all CASBA available banks and financial institutions and their branch offices.
Residents affected by the project will be able to apply for Falgun 7 to Falgun 21 in this IPO. If all the shares are not sold, the application will remain open till the 8th of Chaitra.
IPO rating of Ruru Hydropower
The IPO rating agency ICRA Nepal has been given the ICRP-IR Triple B rating for the Ruru hydropower limited. It indicates that the company is relatively safe to meet financial obligations.
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