Sanjen Jalavidhyut (SJCL) IPO Opening for Locals of the Rasuwa District (Aama Chhodingmo VDCs) from Bhadra 05

Sanjen Jalavidhyut Company Limited (SJCL) has published an offer letter to issue its IPO to the project affected locals of the Rasuwa Districts and Aama Chhodingmo VDCs.

The local IPO issue will open on 5th Bhadra and close on 19th Bhadra, 2079. If not subscribed by the early closing date, the issue will close on 4th Ashoj. 36,50,000 unit shares will be issued at a par value of Rs. 100 per share. This is 10% of the company's issued capital i.e Rs. 3,65,00,00,000.

Sunrise Capital has been appointed as the issue manager for the IPO issuance. The interested investors can apply for a minimum of 10 shares to a maximum of 700 shares.

The company has an equity structure of 51% promoter shares and 49% public shares. Among the promoters, Chilime Hydropower holds the majority of the shares with 39.36%, NEA holds 10.36% shares, whereas, DDC and 18 VDCs of Rasuwa District holds 1.28% stake in the company.

SJCL has already floated 39% of its total issued capital to the public through a series of IPOs in various tranches (all at par) after which the promoter holding diluted to 51%.

As a part of the IPO process, the company has already issued 24% of its shares to the contributors and employees of the sole lender EPF and employees of the promoter companies of Rs 87.6 crores and 15% shares to the general public of Rs 54.75 crore.

Now, SJCL will finally issue 10% of the issued capital to the local inhabitants of the project location.

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals the proposed Initial Public Offering (IPO) of Sanjen Jalavidhyut Company Limited (SJCL)

Sanjen Jalavidhyut Company Limited (SJCL), a company promoted by Chilime Hydropower Company Limited (CHPCL), is a public limited company established in 2010 AD with the objective of harnessing hydropower potential of the county with maximum participation of local people in the projects’ ownership and mobilization of local resources for the successful implementation of various hydroelectric projects. In the context of current annual growth in electricity demand in the country, the Company has planned to develop two hydroelectric projects, namely, Sanjen (Upper) Hydroelectric Project (14.8 MW) and Sanjen Hydroelectric Project (42.5 MW) in cascade, with its own equity and loan from financial institutions of Nepal as the first initiative.

Offer Letter