Kathmandu, 4th Falgun, 2082 – Ridge Line Energy Limited (RIDGE) has officially closed its Initial Public Offering (IPO) of 11,80,260 shares today, which was open to the general public from 28th Magh, 2082.

The company, with an issued capital of Rs. 1.18 Arba, had allocated 22% of its shares (26,07,000 units) to the public. Out of the total issue, 10% of shares were reserved for project-affected locals of Gorkha and Lamjung districts, while Nepalese citizens working abroad received 1,42,200 units. In addition, 2% of the public issue was set aside for company employees, and 5% for mutual funds.

According to CDSC, the IPO received applications from 2,244,643 investors for 25,014,010 units, making it oversubscribed by 21.19 times, reflecting strong investor interest.

CARE Ratings Nepal Limited has upgraded Ridge Line Energy’s issuer rating to CARE-NP BB (Is) from BB- (Is), and the long-term bank facilities rating has also been revised upward, indicating moderate risk.

Ridge Line Energy, incorporated on 28th December 2017, is developing the 9.05 MW Super Chepe Hydropower Project (SCHP) under the BOOT (Build, Own, Operate, and Transfer) model. The project is located in Ajirkot Rural Municipality, Gorkha, and Nepalhar Rural Municipality, Lamjung.

Prabhu Capital Limited served as the issue manager for the IPO.