Sanigad Hydro Limited Concludes IPO Allotment for Nepalese Citizens Working Abroad; 57,000 Lucky Applicants Receive 10 Units Each

The IPO allotment for Nepalese citizens working abroad by Sanigad Hydro Limited was concluded today, 22th Chaitra, 2082.

The company's issued capital is Rs. 2.85 Arba. Of this, 30%, i.e., 85,50,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 28,50,000 unit shares worth Rs. 28.50 Crores, will be allocated to project-affected locals in Bajhang District. The remaining 20% of the issued capital, i.e., 57,00,000 unit shares, will be offered to the general public.Of this general public issue, 10% of the total 5,70,000 unit shares were allocated to Nepalese citizens working abroad.

The issue received a total of 83,216 valid applications for 1,229,690 units. Meanwhile, 30 applications for 340 units were disqualified.

As per the allotment module, 57,000 applicants were allotted 10 units each.

Allotment Module:

 The IPO result can be accessed by CDSC IPO Result, MeroShare, and LS Capital Limited.

LS Capital Limited has been appointed the issue manager for the public offering.

ICRA Nepal has upgraded the issuer rating of Sanigad Hydro Limited (SHL or the company) to [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B Minus) from [ICRANP-IR] B+ (pronounced ICRA NP issuer rating B Plus). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Sanigad Hydro Limited (SGHL) was incorporated in December 2007 as a private limited company, and later converted into a public limited company on July 14, 2021. The company commissioned its 38.46 MW Upper Kalanga Gad hydro-electric project in Bajhang district, Sudurpaschim Province of Nepal.