Kathmandu — Shikhar Power Development Limited has opened the issuance and sale of its Initial Public Offering (IPO). In the first phase, the company has issued shares specifically for local residents of project-affected areas and Nepalis employed abroad.
The company had received approval to issue 3.2 million shares, equivalent to 32.65 percent of its issued capital of Rs 980 million, amounting to Rs 320 million.
Out of the total approved shares, 980,000 shares worth Rs 98 million—representing 10 percent of the issued capital—have been allocated for local residents. Eligible local applicants include residents from Badigad Rural Municipality wards 1 to 10 and Dhorpatan Municipality ward 2 of Baglung district.
Similarly, the company has allocated 222,000 shares worth Rs 22.2 million for Nepalis working abroad.
According to the company, foreign-employed Nepalis must submit their applications by Magh 9. For local residents, the application window will open from Magh 20 and remain open until Falgun 8, if shares are not fully subscribed earlier.
In terms of credit assessment, Shikhar Power Development Limited has received an ICRA NP Issuer Rating of Double B (BB) from ICRA Nepal. This rating indicates a moderate level of risk in the company’s ability to meet its financial obligations.
The IPO issue and sales manager is Global IME Capital Limited. Local applicants can submit their applications through the issue manager as well as designated branches of:
- Global IME Bank (Burtiwang and Baglung Bazaar)
- Prabhu Bank (Badigad branch)
- Garima Bikas Bank (Burtiwang branch)
- Shine Resunga Development Bank (Burtiwang branch)
Nepalis working abroad can apply through the C-ASBA system via all C-ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branch offices.
