Investment Alert: Mount Everest Power Development Launches IPO for Locals and Nepalese Working Abroad!
Mount Everest Power Development Limited has opened its IPO today, targeting project-affected residents in Solukhumbu and Nepalese citizens working overseas. The offering includes over 1 million units as part of the company's broader public share issuance plan.
Starting today, 17th Baishakh, 2083, Mount Everest Power Development Limited has opened its Initial Public Offering (IPO) for specific groups. The company is offering 860,000 shares to the project-affected residents of Solukhumbu District and 172,000 shares to Nepalese citizens currently working abroad. This issuance is part of the company's total public offering of 2,580,000 shares, which represents 30% of its Rs. 86 crore issued capital. For locals, the subscription period runs until 31st Baishakh, with a potential extension to 18th Jestha if not fully subscribed. Foreign-based Nepalese workers have until 23rd Baishakh to apply, with a possible extension to 31st Baishakh. Interested investors can apply for a minimum of 10 units up to a maximum of 10,000 units. NIMB Capital Limited is overseeing the offering as the issue manager. The company, which operates the 12 MW Dudhkunda Khola Hydroelectric Project in Solukhumbu, recently received a 'CARE-NP BB+' rating from CARE Ratings Nepal, reflecting a moderate risk of default.