Kathmandu. Snow Rivers Limited has issued the initial public offering (IPO) from April 24 to the locals of the project-affected areas.
The company was allowed to issue 18,75,000 units of shares worth Rs 18.75 crore, which is 20% of the issued capital of Rs 93.75 crore. Out of the total shares, 9,37,500 units of ordinary shares worth Rs 93,
750,000 are being issued to the locals of the project-affected area at the rate of Rs 100 per share.
A total of 468,750 units of shares have been allotted to the locals of Sirijanga Rural Municipality of Taplejung district and 468,750 units of shares will be issued to the locals of Sirijanga Rural Municipality, Ward No. 1 to 7 of Sirijung Rural Municipality, Ward No. 5 and 6 of Sidingwa Rural Municipality, Ward No. 5 and 6 of Pathibhara Yangwarak Rural Municipality and Ward No. 1 of Hilihang Rural Municipality of Panchthar district. It will be shared.
Applications can be place for minimum 10 units and maximum 1000 units. Sanima Capital Limited has been appointed as the issue manager for the IPO issuance.
ICRA Nepal has assigned ICRA NP Issue Rating Double B Plus to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
The local people can bid for the shares from the sales manager at the project site at Yampuddin’s branch office at Siri Junga branch of Nepal Bank, NMB Bank, Sanima and Global IME Bank’s Phungling branch. Locals of the project-affected areas will have to pay Rs 2 to receive the application form.
