Grade 5 rated Shuvam Power’s IPO worth Rs 5.80 crore added in SEBON pipeline; Issue includes unsubscribed shares issued to locals of Sankhuwasabha district

Initial Public Offering (IPO) of Shuvam Power Company has been added in the SEBON pipeline for preliminary review. IPO worth Rs 5,80,58,000 will be issued for the general public after approval from the board. The shares also include the unsubscribed shares issued to the locals of project affected area.

Previously, the company had issued IPO worth Rs 2 crore for the locals Sankhuwasabha district, out of which shares worth Rs 19.42 lakh were sold.

CBIL Capital has been appointed as the issue manager for the IPO issuance.

ICRA Nepal had assigned Grade 5 rating to the IPO issuance of Shuvam Power Limited indicating poor fundamentals.

The company has been operating Piluwa Khola Hydropower Project in Sankhuwasabha District since Shrawan 1, 2068. Furthermore, the power company is set to install a 2 MW solar plant in the same place.