Minimal applications extend the closing date for Shiva Shree Hydropower's IPO for locals; Issue open till Magh 18

Shiva Shree Hydropower Limited has extended the issue of 14,76,400 unit shares as its Initial Public Offering (IPO) from today till Magh 18, 2075. The issue is open for the locals of Sindhupalchowk district.

Previous closing date of the issue was on Magh 11 i.e. today.

Shiva Shree HEP's IPO receives application for only 7.5% of the total issue; The issue duration likely to extend

The interested locals can place their applications for minimum 50 units and maximum 7,380 units.

Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.

Application forms can be collected and submitted from the following centers:

1. Sindhu Bikas Bank, Barabise branch
2. Sindhu Bikas Bank, Khadichaur branch
3. Nepal Bangladesh Bank, Barabise branch
4. Civil Bank Limited, Barabise branch
5. NIC Asia Bank, Barabise branch
6. Himalayan Bank Limited, Barabise branch
7. Shiva Shree Hydropower Limited, Sindhupalchowk

ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

After issuance to the locals, the hydropower company will also be floating 2,214,600 shares for the general public and staff. After the issuance of the shares to both locals and general public, the paid-up capital of the company will reach Rs 1.476 arba. Promoter and public shareholding would be 75 : 25 ratio. 

Currently, it has been developing ‘Upper Chaku Hydroelectric Project’ of capacity 22.2 MW located at Sindhupalchowk district of Nepal. The per megawatt cost of the project has been estimated as Rs 16.50 crore.