February 16: Molung Hydropower Company Limited has opened sale of its Initial Public Offering (IPO) to the general public from Thursday. The hydropower company is floating a total of 24,55,650 shares to the general public at a face value of Rs 100 per kitta in the second phase.

In the first phase, the company had issued and allotted public offerings to the project-affected locals of Okhaldhunga district and Nepali citizens working in foreign countries with labour agreement issued by the Department of Labour.

Out of the total shares, 1,36,425 units of shares have been allotted to the mutual fund schemes while 54,570 units of shares have been reserved for the employees of the hydropower company. 

If fully-subscribed, the offering will end on 22 February. If it remains under-subscribed, the deadline to apply for the IPO will extend till March 2.  

Interested investors can apply for a minimum of 10 shares and a maximum of 8,000 shares.

Molung Hydropower Company Limited with the  installed capacity of 7 megawatts has been  producing electricity. Per megawatt cost for the construction of the run-of-the-river hydro power project stands at Rs 20.8 crores.

Sunrise Capital is the issue and sale manger of the IPO. Individuals can apply for the IPO through CASBA-approved banks and financial institutions by the Securities Board of Nepal (SEBON). They can also apply for the IPO through Meroshare.