IPO for General Public: Suryakunda Hydro Electric Limited Company Issue 5,72,431 Units IPO Shares from Today

Suryakunda Hydro Electric Limited has officially opened its Initial Public Offering (IPO) for the general public starting today, 18th Magh, 2082. The company is issuing 5,72,431 unit shares at a par value of Rs. 100 per unit. The early closing date for the IPO is 21st Magh, 2082, but if the issue is not fully subscribed by then, the deadline will be extended to the 3rd Falgun, 2082.

The issued capital of the company is Rs. 68.96 Crores. Of this, 20%, i.e., 13,79,350 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 6,89,675 unit shares worth Rs. 6.89 Crores, were already issued to project-affected locals of Nuwakot districts. Of this general public issue, 10% of 6,89,675, a total of 68,967 unit shares, were already allocated to the Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 13,793 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 34,484 units, have been set aside for the mutual funds. The remaining 5,72,431 units will be issued for the general public and opened from today.

Kumari Capital Limited has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB- (Is)’ for Suryakunda Hydro Electric Limited (SKHEL), indicating a moderate risk of default in meeting financial obligations in Nepal. Additionally, CRNL has reaffirmed the ratings of ‘CARE-NP BB-’ for SKHEL’s long-term bank facilities and ‘CARE-NP A4’ for its short-term bank facilities.