Peoples Power Limited (PEPL) has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 24,67,400 unit shares of Rs 100 face value from 31st Shrawan, 2079. The company intends to collect Rs 24.67 crore from this IPO. The early closing date of this issue is on 5th Bhadra and if the issue is not fully subscribed then it can be extended up to Bhadra 14, 2079.
Out of the total 24,67,400 units; 2% of the total offered shares i.e. 49,348 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 123,370 units have been set aside for the mutual funds. The remaining 22,94,682 units are for the general public. The paid up capital of the company will reach to Rs. 63.26 Crores after the IPO issuance. The total promoter and public shareholding ratio of the company will be 51 : 49 after the IPO issuance.
Prabhu Capital has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 50,000 units.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP BB (Is)’ assigned to Peoples Power Limited (PEPL). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Peoples Power Limited was incorporated on January 26, 2017. It is promoted by individual promoters for the setting up of a 4.96MW run-of-river Upper Puwa-II hydropower project. The project is being constructed under “BOOT” (Build, Own, Operate and transfer) model and is located in Sakhejung and Maipokhari VDC of Ilam district of Nepal. The expected COD of the project is June 30, 2022.