Balephi Hydropower Limited has received [ICRANP] IPO Grade 4+ to its proposed Initial Public Offering (IPO) of 3,655,940 units equity shares at a unit price of Rs 100. The company will raise Rs 36.55 crore from the IPO. [ICRANP] IPO Grade 4+ indicates below-average fundamentals. The fund raised in the IPO will be used for the development of its 36-MW Upper Balephi “A” hydroelectric project.
Below is a company profile from ICRA Nepal:
Incorporated on February 15, 2012, as a private limited company, Balephi Hydropower Limited (BHL) was converted into a public limited company on January 6, 2017, to facilitate public participation. The paid-up capital of the company, at June-end 2019, was ~NPR 1,462 million and was fully held by the promoters. After the proposed IPO, the same would reach ~NPR 1,828 million. The major promoters include Mr. Shakti Kumar Golyan (18.25%), Mr. Shulav Agrawal (18.25%), Mr. Shushil Gupta (17.50%), Mr. Shandeep Kumar Sharda (15%), Mrs. Prabha Goyanka (Bhimshariya) (9.95%) and Mr. Umesh Kasaju (8.68%). After the proposed IPO issue, the promoter holding is expected to dilute to 80%, assuming full subscription of all the issues by the public.