United Modi’s IPO from today

Kathmandu, March 1

United Modi Hydropower Ltd is going to launch its initial public offering (IPO) from Thursday. The company has allocated 15 per cent or 1,725,000 units of shares under the scheme and the face value of each unit of share has been fixed at Rs 100.

The company has appointed NIBL Capital Markets Ltd as the issue manager. “NIBL Capital Markets will collect applications from 30 collection centres across the country,” states a statement issued by United Modi Hydropower Ltd. “Applications will also be collected from banks that have obtained membership of ASBA (application supported by blocked amount) system of the Securities Board of Nepal.”

The company allotted 10 per cent or 1,150,000 units of shares to the locals of the affected area on November 4, last year. United Modi Hydropower Ltd has already developed 10-megawatt Lower Modi-1 Hydroelectricity Project and is currently developing 10.5MW Lower Modi-2 Hydroelectric Project in Parbat district of western Nepal. The company has targeted to complete the project within mid-July of 2019, reads the statement.

The IPO going to be issued from Thursday has been rated Grade-III by ICRA Nepal.