Sikles Hydropower to Issue 11,50,000 Unit IPO Shares to General Public from Bhadra 29
Tue, Sep 6, 2022 9:52 AM on IPO/FPO News, Latest,
Sikles Hydropower Limited (SLHL) has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 11,50,000 unit shares of Rs 100 face value from 29th Bhadra, 2079. The company intends to collect Rs 11.50 crore from this IPO. The early closing date of this issue is on 2nd Ashwin and if the issue is not fully subscribed then it can be extended up to Ashwin 12, 2079.
Out of the total 11,50,000 units; 3% of the total offered shares i.e. 34,500 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 57,500 units have been set aside for the mutual funds. The remaining 10,58,000 units are for the general public. The paid up capital of the company will reach to Rs. 85 Crores after the IPO issuance.
Earlier, the company had issued 8,50,000 unit IPO shares which is 10% of the issued capital of Rs. 8.5 crore to the project-affected locals of Kaski districts (Madi VDC Ward no. 1, 2, and 3) from Shrawan 3 to Bhadra 15, 2079.
IPO Allotment Concludes for Locals
BOK Capital Market has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.
Sikles Hydropower Limited (SLHL) is a public limited company, incorporated in July 28, 2004 as a private limited company and later converted to public limited company in May 17, 2019. The company is setting up 13MW run-of-the-river Madkyu Khola Hydroelectric Project (MKHP) at Kaski District of Nepal. The project came into a commercial operation since April 2, 2018. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism.
CARE Ratings Nepal Limited (CRNL) has assigned Issuer rating of ‘CARE-NP BB+ (Is) [Double B Plus (Issuer Rating)]’ to Sikles Hydropower Limited (SLHL). Issuers with this rating is considered to have moderate degree of safety regarding timely servicing of financial obligations, in Nepal.
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