Kathmandu. Sanigad Hydro Limited is issuing an initial public offering (IPO) from June 1. The IPO is going to be opened for the general public from May 28 but due to the government holiday, the IPO will be issued from June 3.
The company has started issuing the IPO to the general public after the IPO is for the local residents of the project affected areas and the Nepalese working abroad.
The company was allowed to issue 8.55 million units of shares worth Rs 85.50 crore, which is 30% of the issued capital of Rs 2.85 billion. In the first phase, the company has set aside 28,50,000 units of ordinary shares to the locals of the project affected area and 5,70,000 units to the Nepalese working abroad.
Similarly, 1,71,000 units have been allotted for the employees of the company and 2,85,000 units have been allotted for the mutual funds.
The company is issuing 100.46 lakh units of shares worth Rs 46.74 crore to the general public.
Applications can be place for minimum 10 units and maximum 20,000 units. The earliest date for the issuance will be on June 4 and the latter will be on June 15.
ICRA Nepal has assigned an ‘IBNP’ Issue Rating ‘Double B Minus’ to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Laxmi Sunrise Capital Limited has been appointed as the issue manager for the IPO issuance. The general public can apply for the ASBA service from the banks and financial institutions participating in the ASBA service and their designated branch offices after obtaining permission from the Securities Board of Nepal (SEBON).
