IPO Issue of Snow Rivers Limited Closing Today; Oversubscribed 31.66 Times So Far

Snow Rivers Limited is closing the issue of 7,78,125 units of IPO shares at a par value of Rs 100 from today, i.e., 1st Jestha, 2083. The issue was opened for the general public on 29th Baishakh, 2083.

The issued capital of the company is Rs. 1.20 arba. Of this, 35.26%, i.e., 42,30,668 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 12,00,000 unit shares worth Rs. 12 Crores, were allotted to project-affected locals of Bhojpur district. The remaining 25.26% of the issued capital, i.e., 30,30,668 unit shares, will be offered to the general public. Of this general public issue, 10%, a total of 3,03,067 unit shares, were allotted to Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 18,750 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 46,875 units, have been reserved for mutual funds. The remaining 7,78,125 units were issued for the general public and will be closed from today.

Sanima Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.

According to CDSC, 2,270,780 applicants have applied for 24,643,020 units. Thus, the issue has been oversubscribed 31.66 times.

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

Snow Rivers Limited (SRL), incorporated in August 2014 and converted into a public limited company on June 17, 2022, operates the 13.5 MW Super Kabeli Khola-A Hydropower Project in Taplejung district, Province 1, Nepal. The project is a run-of-the-river (RoR) scheme designed at a 42.32% probability of exceedance (Q42.32). It was commissioned on December 20, 2024, with a total project cost of approximately NPR 2,719 million, translating to about NPR 201 million per MW.