Sayapatri Hydropower Limited (SPHL) is opening 721,060 units of Rs 100 face value of total worth Rs. 7.21 crore as Initial Public Offering to the general public from today i.e 13th Shrawan, 2079. The early closing date of this issue is on 17th Shrawan and if the issue is not fully subscribed then it can be extended up to Shrawan 27, 2079.
Out of the total 721,060 units; 2% of the total offered shares i.e. 14,421 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 36,053 units have been set aside for the mutual funds. The remaining 670,586 units are for the general public. The paid up capital of the company will reach to Rs. 30 Crores after the IPO issuance.
Earlier, the company had issued 3,00,000 unit IPO shares which is 10% of the issued capital of Rs. 3 crore to the project-affected locals of Baglung district (Galkot Municipality and Tarakhola VDC) from Ashadh 02 to Ashad 24, 2079. However, only 178,940 units or 59.64% of the total issue have been allotted to the valid applicants.
Thus, remaining 121,060 units unsubscribed shares are added to 600,000 units (which is 20% shares reserved for the general public) to make a total of 721,060 units for the general public. Overall, 70% shares are of the promoter shareholders in the company.
NIBL Ace Capital is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 30,000 units.
Sayapatri Hydropower Limited is public limited company, incorporated on July 30, 2007, promoted by institutional as well as individual promoters from different background. It is currently operating 2.5 MW Daram Khola ‘A’ hydro power project in run –of –river scheme located at Baglung district, Nepal. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism. The commercial production and sale of power started from June 26, 2016.
CARE Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to Sayapatri Hydropower Limited to ‘CARE-NP BB (Is) [Double B (Issuer Rating)]’ from CARE-NP B+ (Is). Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations, in Nepal.