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Apollo Hydro Power Limited has opened the first phase of its Initial Public Offering (IPO) for project-affected locals and Nepalis working abroad starting today, February 23). The company has issued shares in this phase to residents of Okhaldhunga and Ramechhap districts affected by the project, as well as to Nepalis working abroad with valid labor approval.

The company has issued 470,000 shares to local residents. Of these:

- 235,000 shares have been allocated to residents of the highly affected area: Khijidemba Rural Municipality Ward Nos. 7 and 8, Okhaldhunga District.

- 141,000 shares have been allocated to residents of the moderately affected areas: Likhu Pike Rural Municipality Ward No. 2, Solukhumbu District, and Umakunda Rural Municipality Ward No. 3, Ramechhap District.

- 94,000 shares have been allocated to residents of the low-affected areas: Umakunda Rural Municipality Ward No. 2 and Gokulganga Rural Municipality Ward No. 1, Ramechhap District.

Local residents can apply for a minimum of 10 shares and a maximum of 47,000 shares. Applications can be submitted until Falgun 25 (March 9), and if the issue is not fully subscribed by then, the deadline will be extended until Chaitra 10 (March 23).

Similarly, the company has issued 94,000 shares to Nepalis working abroad who have obtained labor approval. Applicants in this category can apply for a minimum of 10 shares and a maximum of 94,000 shares. The application deadline for this group is February 26.

After this phase, the company will issue shares to the general public. Himalayan Capital has been appointed as the issue and sales manager for the IPO.

The Securities Board of Nepal granted approval to the company to issue the IPO on February 2. The company plans to issue a total of 1,410,000 shares worth Rs. 141 million.

Apollo Hydro Power Limited is constructing the 6 MW Buku Khola Hydropower Project on the Buku River, located at the border of Okhaldhunga and Solukhumbu districts.

Urjasanchar