Greenlife Hydropower (GLHL) has started issuing the first phase IPO to locals of affected area of Dolakha from February 5. The company is issuing 1.8 million units of shares worth Rs 180 million. The offered shares are 10 percent of its issued capital amounting to Rs 1.80 billion.

In the first phase IPO, Greelife Hydropower has allocated 30 percent of the total offering to group 'A'. The group A includes locals of affected area of Gaurishankar Rural Municipaltiy Ward no 7 Marbu. The Marbu residents can apply for a total of 540,000 units of shares out of the total shares.

Similarly, the company has allocated 40 percent shares to group 'B' that includes ward no 5, 6, 8 and 9 of Gaurishankar Rural Municipality. The residents can apply for a total of 720,000 units of shares.

Likewise, the local residents of Gaurishankar Ward no 1, 2, 3 and 4 and ward no 4 of Bigu Rural Municipality under group 'C' can apply for 540,000 units of shares.

The interested investors of all groups can apply for a minimum of 20 and maximum of 9,000 units of shares.

The company has appointed Kathmandu Capital as its issue manager. The interested investors can apply from project office of Greenlife Hydropower, Century Commercial Bank at Singati and Charikot, Prime Commercial Bank at Jiri and Baiteshwor.

The issue will close early on February 19 and lately on March 11.

Care Ratings has assigned grade 4 rating to the IPO indicating below average fundamentals.

After the first phase IPO, the company will issue additional 1.8 million units of general public in the second phase.