Kalanga Hydro opens IPO for locals and migrant workers

KATHMANDU, March 24: Kalanga Hydro Limited has opened its initial public offering (IPO), targeting project-affected locals and Nepalis working abroad.

The company has allocated 1.4 million shares worth Rs 140 million for local residents at a face value of Rs 100 per share. Of this, 910,000 shares have been set aside for residents of highly affected areas in Bajhang, Baitadi, and Darchula districts, while the remaining 490,000 shares are reserved for those from other affected areas.

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Local residents can apply for the IPO from March 24 to April 7. If shares remain unsubscribed, the deadline will be extended until April 22. Applicants can apply for a minimum of 10 shares and a maximum of 20,000 shares through designated bank branches and project offices.

The company has also reserved 350,000 shares for Nepalis employed abroad, who can apply until March 29.

Kalanga Hydro has received approval to issue 4.9 million shares worth Rs 490 million, representing 35 percent of its issued capital of Rs 1.4 billion.

The company has been assigned a ‘CARE-NP BB’ issuer rating, indicating a moderate level of risk in meeting its financial obligations.

Kalanga Hydro is developing the 15.33 MW Kalangagad Hydropower Project, with a total estimated cost of Rs 4.33 billion. Sanima Capital has been appointed as the issue and sales manager for the IPO.