Shiva Shree Hydropower Limited has closed the issue of 3,351,140 units (including 1,136,540 units unsubscribed by locals) IPO shares to the general public from Kartik 15, 2076. This issue was opened since Ashwin 16, 2076.
Siddhartha Capital Limited is appointed as the issue manager for the IPO issuance. As per the issue manager, the issue received 17,849 applicants applying for a total of 905,170 units of shares till the day of closing. The collection stood at Rs.9.05 Crore. However, this data is unverified and includes invalid applicants as well.
Since the issue wasn't fully subscribed, the unsubscribed units is being offered to the promoters, their family, directors, CEO, Auditors, Secretary and all related officials from Kartik 17, 2076 till 27th Kartik, 2076.
The paid up capital of the company after the IPO will be Rs.1.47 Arba. After the issuance of IPO, the promoter shareholders will be holding 75% while the project affected locals will hold 2.31% and the ordinary shareholders will hold 22.69% stake.
CARE Nepal had assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.
Currently, it has been developing ‘Upper Chaku Hydroelectric Project’ of capacity 22.2 MW located at Sindhupalchowk district of Nepal. Per megawatt cost is Rs.22.45 Crore and total cost of project is Rs.4.98 Arba. The normal payback period of project is 9.59 years and discounted payback period is 21.95 years.