Sanigad Hydro Limited Closing 5,70,000 Units IPO Shares to Foreign Nepalese Immigrants From Today

Sanigad Hydro Limited is closing the IPO issue for foreign Nepalese Immigrants today, i.e., 11th Chaitra, 2082. The issue was opened on the 8th Chaitra, 2082.

The company's issued capital is Rs. 2.85 Arba. Of this, 30%, i.e., 85,50,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 28,50,000 unit shares worth Rs. 28.50 Crores, will be allocated to project-affected locals in Bajhang District. The remaining 20% of the issued capital, i.e., 57,00,000 unit shares, will be offered to the general public.

Of this general public issue, 10% of 57,00,000, a total of 5,70,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue will close from today.

For the project-affected locals, the minimum application quantity to be applied is 10 units, while the maximum quantity is 20,000 units. For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 20,000 units.

According to CDSC, 81,992 applicants have applied for a total of 12,45,580 units. Thus, the issue has already been oversubscribed 2.18 times.

Sanima Capital Limited has been appointed the issue manager for the public offering.

ICRA Nepal has upgraded the issuer rating of Sanigad Hydro Limited (SHL or the company) to [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B Minus) from [ICRANP-IR] B+ (pronounced ICRA NP issuer rating B Plus). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Sanigad Hydro Limited (SGHL) was incorporated in December 2007 as a private limited company, and later converted into a public limited company on July 14, 2021. The company commissioned its 38.46 MW Upper Kalanga Gad hydro-electric project in Bajhang district, Sudurpaschim Province of Nepal.