Sanjen Jalavidhyut and Rasuwagadhi Hydropower receive final approval from SEBON for IPO issuance to the general public; total of 1.57 Crore units to flow in the market

Tue, Mar 26, 2019 6:55 AM on IPO/FPO News, Stock Market, Latest,

Securities Board of Nepal (SEBON) has given final approval to the Initial Public Offering of Rasuwagadhi Hydropower Company Limited and Sanjen Jalavidhyut Company Limited.

As planned, the shares of both the companies are for issuance to the general public. SEBON has approved issue of 10,263,150 units of Rasuwagadhi Hydropower and 5,475,000 units of Sanjen Jalavidhyut Company in its latest IPO Approved list.

Siddhartha Capital Limited has been appointed as the issue manager for Rasuwagadhi’s IPO issuance and Citizen Investment Trust has been appointed as the issue manager for Sanjen’s IPO issuance.

Earlier, both the companies had issued 24% share of the issued capital for the members of Employees Provident Fund from Falgun 11, 2074 to Falgun 30, 2074 and for the employees of the promoter institutions as well as employees of the local offices, it was open from Chaitra 5, 2074 to Chaitra 13, 2074.

In the first stage IPO issue of Rasuwagadhi had been able to gather Rs.7.38 Crore from 585 employees of the Employees Provident Fund. The issue was open for Rs.6.84 Crore. It was oversubscribed by 1.07 times.

Similarly, from the employees of promoter institution, the hydropower company has collected Rs.43.93 Crore from 8,986 employees. The issue was open for Rs.23.94 Crore. It was oversubscribed by about 1.83 times.

From the members of the employees provident fund Rs.6.75 Arba had been collected from more than 2 lakh applicants.

It has total capital of Rs.684.21 arba out of which IPO worth Rs.1.02 Arba (15% shares) will be floated for the general public and later the company will issue 10% shares to the people of project affected areas of Rs.6.84 arba.

IPO alert! Much-touted IPO of Rasuwagadhi Hydropower Company worth Rs.1.02 Arba receives ICRA Grade 4+ indicating below-average fundamentals

Likewise, Sanjen Hydropower Company has collected Rs.3.99 Crore from 547 employees of the Employee Provident Fund. The issue was open for 3.65 lakh unit shares. From the employees of promoter institutions, the company gathered Rs.26.42 Crore from 8,977 applicants for 12.77 lakh units or Rs 12.77 crore issue.

From the members of the employees provident fund the company had amassed Rs.4.17 Arba from 1.83 lakh applicants for 71,17,500 units or Rs 71.17 crore issue.

The total capital of the company is Rs.3.65 Arba out of which 15% will be issued to the general public of Rs.54.75 Crore and later 10% to the local people of the project affected areas of Rs.36.5 Crore.

One of  Much-talked hydro projects Sanjen Hydro receives below-average rating from ICRA Nepal

Sanjen Jalavidhyut Company is developing 14.80 MW Upper Sanjen and 42.50 MW Sanjen Hydropower project. Rasuwagadhi Hydropower is developing a 111 MW, run-of-river Rasuwagadhi Hydropower Project in Bhotekoshi River, Rasuwa.