Shiva Shree Hydropower Limited is issuing 3,351,140 units (including 1,136,540 units unsubscribed by locals) IPO shares to the general public from Ashwin 16, 2076. The early closing date of this IPO issue was Ashwin 24, 2076. Since the issue was not subscribed till Ashwin 24 then this issue has been extended up to Kartik 15, 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.
Out of the offered units, 268,091 units have been reserved for the employees and mutual funds. Applications can be place for minimum 10 units and maximum 1,000,000 units.
Siddhartha Capital Limited is appointed as the issue manager for the IPO issuance. As per the issue manager, the issue has received applications from 12,200 applicants with total collection of Rs.6.14 Crore till today. Still more than 81% of the issue remain unsubscribed.
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.