Sagarmatha Jalbidhyut Company IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Magh 26
Thu, Feb 2, 2023 10:13 AM on IPO/FPO News, Latest,
Sagarmatha Jalbidhyut Company Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today's banking hours i.e. Magh 19 and has extended the IPO issue deadline for project-affected locals till 26th Magh, 2079. The issue had opened on 5th Magh, 2079.
The issued capital of the company is Rs. 1.12 Arba of which 10% i.e. 11,20,000 unit shares worth Rs. 10 crores have been allocated to project-affected locals of Illam District. Meanwhile, 39% of the company's issued capital i.e. 43,68,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 436,800 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 10,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units.
Prabhu Capital Limited has been appointed as the issue manager.
According to CDSC, 13,617 applications have been received through Nepalese citizens working abroad for a total of 868,280 units. Thus, the issue is already oversubscribed by 1.98 times so far.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BBB- (pronounced ICRA NP issuer rating triple B minus) to Sagarmatha Jalabidhyut Company Limited. Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.
Sagarmatha Jalbidhyut Company Ltd was established in November 2015 in Kathmandu, Nepal under the Company Act 2053 of the government of Nepal. The company was established primarily to curb the ever-increasing energy demand at that time and eliminate load shedding prevalent due to the imbalance in demand and supply of energy. The company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of over 18 MW. The company is expected to serve the power needs of more than 1000 households in collaboration with NEA.
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