CDS & Clearing Limited (CDSC) has reported the data of public IPO collection of Shuvam Power Limited (SHUVAM) as of 5 pm today i.e Magh 19.
The company has been issuing 481,882 unit shares of Rs 100 face value as Initial Public Offering to the general public from 18th Magh, 2079. The company intends to collect Rs 4.81 crore from this IPO. The early closing date of this issue is on 22nd Magh and if the issue is not fully subscribed, it can be extended up to Falgun 03, 2079.
Out of the total 580,580 units; 10% i.e. 58,058 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 11,610 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 29,030 units have been set aside for the mutual funds. The remaining 481,882 units are for the general public.
Muktinath Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 5,000 units.
According to CDSC, 595,221 applicants have applied for a total of 6,770,750 units. Thus, the issue is already oversubscribed by 14.05 times so far.
Shuvam Power Limited is a public limited company, incorporated on December 29, 2015. SPL is involved in the operation of the 0.99MW run-of-the-river Lower Piluwa Khola Small Hydroelectric Project (LPKHP) at Sankhuwasabha District which has been in commercial operation since July 17, 2011. The company obtained the Generation License, from the Government of Nepal – Ministry of Energy on April 15, 2008.
CARE Ratings Nepal Limited (CRNL) has assigned the issuer rating assigned of ‘CARE-NP BB+ (Is)’ to Shuvam Power Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.