Bungal hydropower receives approval to issue IPO

Kathmandu: Bungal Hydropower Company has received approval from the Nepal Securities Board to issue an Initial Public Offering (IPO). The board granted permission on Sunday.

The company has been authorized to issue 35 percent of its total 8.3 million shares to the general public, amounting to 2,905,000 shares.

The IPO will be issued at a face value of Rs 100 per share. In the initial phase, shares will be offered to individuals employed abroad and project-affected locals. Himalayan Capital has been appointed as the share issue manager.

Bungal Hydropower Company is currently constructing the 10.70 MW Upper Sanigadh Hydropower Project in Bajhang.