United Modi Hydro, Api Power Company to float primary share; NIBL Capital Markets issue, sales manager

United Modi Hydro, Api Power Company to float primary share; NIBL Capital Markets issue, sales manager

The stock market will have two more hydropower companies as United Modi Hydropower and ApiPower Company are going to float primary shares to the public soon. NIBL Capital Markets – a wholly owned subsidiary of Nepal Investment Bank and a licensed merchant banker from the Securities Board of Nepal (Sebon) has signed agreements with them to act as the issue manager and underwriter for their Initial Public Offerings (IPO). Chief executive of NIBL Capitals Shivanth Bahadur Pandé and MD of United Modi Hydro Sudhir Prasad Timilsina signed the agreement yesterday on behalf of their respective institutions. United Modi Hydro will issue some 4,000,000 units of stock worth Rs 400 million at the face value of 100 per unit. Currently, United Modi – that is in the process of converting itself into a public limited company – runs the 10 MW Lower Modi-1 Hydropower Project in Parbat and is now constructing 10.5 MW Lower Modi-2 Hydropower Project as the second part of the cascade project. Likewise, Api Power Company will issue up to 2,046,240 units worth Rs 204,624,000 at Rs 100 per unit. Chairman of Api Power Guru Prasad Neupane and GM of NIBL Capital Ram Krishna Khatiwada signed the agreement, on behalf of their respective institutions, on 16th January. Api Power Company has already started construction of the 8.5 MW Naugard Gad Project in Darchula. Currently, there are only five hydropower companies listed at the Nepse.
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