Last day to grab 7 lakh unit IPO shares of Synergy Power for local resident of Dolakha District; Collected Rs 13 crore from 3,500 applicants

Synergy Power Company Limited has been  issuing 7, 00,000 unit shares worth Rs 7 crore as part of its Initial Public Offering (IPO) for the locals of project affected people of Dolakha district (Gaurishankar, Khare, Lamabagar, Warang, Bulung and Laduk VDC project affected area) from Shrawan 16, 2073.  Today is the last day of the IPO. As per the notice published by the company, the IPO is closing today due to excessive number of applications than required as the company had added four more VDCs (Chankhu, Marru, Lamidada and Suru VDC) of Dolakha district. Earlier Synergy Power had extended its ongoing 7, 00,000 unit shares IPO till Bhadra 19, 2073. Sujan Poudel, Manager of Synergy Power Development Company said “The total collection of the IPO is approximately Rs 13 crore till Bhadra 10, 2073. Around 3,500 application forms were received.” Interested people must apply for a minimum of 50 units of share and they can apply for up to 5,000 unit of share. Civil Capital Market Limited has been assigned as the issue manager for the IPO issue. The authorized capital of company is Rs 70 crore.  The paid up capital of the company remains at Rs 42 crore. After the IPO for the locals of project affected area, the paid up will reach Rs 49 crore. ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) of Synergy Power Company. Synergy Power is developing 10 MW Sipring Khola Hydropower Project at Dolakha district. After the IPO for the locals of project affected area, the company will be floating 21, 00,000 units shares worth Rs 21 crore as a part of IPO for the general public.