Kathmandu — Applications for the Initial Public Offering (IPO) of Suryakunda Hydro Electric Company Limited have opened for the general public from today, Magh 18.
The company is issuing shares to the general public after completing the first-phase allocation to local residents of the project-affected areas and Nepalis working abroad. The Securities and Exchange Board of Nepal (SEBON) has approved the issuance of a total of 1,379,350 ordinary shares at a face value of Rs 100 per share.
Of the total approved shares, 689,675 units were allocated to project-affected locals and 689,976 units to Nepalis employed abroad in the first phase. Following this distribution, the company is now issuing the remaining 572,431 shares to the general public.
Out of these shares, 13,793 units have been reserved for company employees and 34,484 units for mutual funds. General investors can apply for a minimum of 10 units and a maximum of 50,000 units. The application window will remain open until Magh 21.
CARE Ratings Nepal Limited has assigned the company a ‘CARE NP Double B – (Issuer)’ rating, indicating a moderate level of risk regarding the company’s ability to meet its financial obligations on time.
Kumari Capital Limited has been appointed as the issue manager for the issuance and sale of the company’s securities.
