Molung Hydropower Company Limited has opened sale of its Initial Public Offering (IPO) to the locals of project-affected Okhaldhunga district and Nepali citizens working in foreign countries from Tuesday.

In the first phase, the company is issuing 8,02,500 units of shares worth Rs 80,250,000 which is 10 per cent of the total issued capital of 80,25,00000 for the project-affected locals of Okhaldhunga district.

Out of the 10 per cent share meant for the project-affected locals, 5 per cent shares have been allocated for residents of Molung Rural Municipality while 2.5 per cent share each has been allocated for the locals of Sunkoshi Rural Municipality and Siddicharan Municipality.

Locals can apply a minimum of 10 units of shares while the maximum units of shares they can apply is 1000 units. The closing date of the IPO for them is January 17, 2023. If the IPO remains under-subscribed, the deadline to apply will be extended until February 1.

Meanwhile, 34% of the company's issued capital i.e. 27,28,500 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totalling 272,850 units shares have been allocated for Nepalese citizens working abroad.

Migrant workers can apply for a minimum of 10 units, while the maximum units they can purchase is 8000 units. The closing date for the IPO is January 17. Even if the IPO remains under-subscribed, the deadline will not be extended.

After the completion of the first phase of the IPO allotment, the hydro power company will issue the shares to the general public.

Run-of-the river project, Molung Hydropower Company Limited has installed capacity of 7 megawatts.

The hydropower has been producing electricity. Per megawatt cost for the construction of the hydro power project stands at Rs 20.8 crores.