Pure Energy Limited IPO Allotment Concludes: Lucky 1,19,520 Applicants Allotted 10 Units Each via Lottery System

Pure Energy Limited's IPO allotment was concluded today at the premises of the issue manager, Nabil Investment Banking Limited, Central Plaza, Kathmandu.

Pure Energy Limited had issued 14,40,000 units worth Rs 14.40 crores as an Initial Public Offering (IPO) to the general public (28th Chaitra- 2nd Baishakh, 2082).

Out of the total 14,40,000 units, 72,000 (i.e., 5% of 14,40,000) have been set aside for mutual funds, and 28,800 (i.e., 2% of 14,40,000) units have been set aside for the company's employees. The remaining 11,95,200 units were issued to the general public at a par value of Rs. 100.

The issue received a total of 18,54,497 applications for 2,10,53,460 units, resulting in an oversubscription of more than 14.61 times. Out of the total applications, 18,46,664 were deemed valid, while 6,426 applications were rejected.

As per the allotment module, a total of 1,19,520 applicants were allotted 10 units each via lottery, and the remaining 17,34,977 applicants were returned empty-handed.

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Nabil Investment Banking Limited.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal. CRNL has also revised the rating assigned to long-term bank facilities of PEL to ‘CARE-NP BB+’ from ‘CARE-NP BB’.

Pure Energy Ltd (PEL) was established on June 19, 2018. It is backed by individual promoters associated with the Golyan group and REnergo Developers Pvt Ltd. The company's focus is on the establishment of a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, located in the Banke district of Nepal. Both solar projects are currently in operation.