Kathmandu. Ridge Line Energy Limited has opened the initial public offering (IPO) for the general public from today. The company was allowed to issue 26,07,000 units of shares worth Rs 260.7 million at 22% of the issued capital of Rs 1.18 billion. Out of the total offered shares, 1,85,000 units have been allotted for the project affected locals and 1,42,200 units have been allotted for the Nepalis working abroad.
In the second phase, the company has set aside 28,440 units for employees and 71,100 units for mutual funds.
Applications can be place for minimum 10 units and maximum 50,000 units. The issuance will close on February 14 at the earliest and on February 27 at the latest. Care Ratings Nepal has assigned ‘CareNP Double B Issuer’ rating to the company, indicating that it has a moderate risk in its ability to meet its liabilities.
Prabhu Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can apply for the shares from all Securities Board of Nepal (SEBON) member banks and financial institutions using ‘Mero Share’ online system developed by CDS & Clearing Ltd.
Ridge Line Energy has been operating the 9.05 MW Super Chepe Hydropower Project. The total cost of the project is Rs 2.09 billion and the cost per megawatt is Rs 231.6 million. The project has started commercial production from January 22, 2080 and is selling electricity through the national transmission line.
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