Bungal Hydropower Limited has opened applications for its Initial Public Offering (IPO), making 1,701,500 shares available to the general public from Monday.

Earlier, in the first phase, the company had issued ordinary shares to locals affected by the project and to Nepalis working abroad. In this second phase, Bungal Hydropower is offering IPO shares worth Rs 170.15 million at a face value of Rs 100 per unit.

General investors can apply for a minimum of 10 shares and a maximum of 20,000 shares. According to the company, applications will remain open until September 4 at the earliest and will close no later than September 15.

In the credit rating assessment for the IPO issuance, CARE Ratings Nepal assigned the company a “CARE-NP B (Is)” rating, indicating an average risk of default in fulfilling financial obligations.

Himalayan Capital Limited is managing the issuance and sales of the IPO.