Snow Rivers Limited Issuing IPO Shares to Locals of Taplejung And Panchthar District And Nepalese Employed Abroad From Chaitra 09

Snow Rivers Limited has published an offer letter to issue an Initial Public Offering (IPO) to the project-affected locals of Taplejung and Panchthar District and Nepalese citizens working abroad.

The IPO issue for the locals of Taplejung and Panchthar District will open from 9th Chaitra to 23rd Chaitra, 2082, with a possible extension till Baishakh 08, 2083, if not fully subscribed by the early closing date, while for Nepalese citizens working abroad, the issue will open from 9th Chaitra to 12th Chaitra, 2082, and may be extended till Chaitra 23 if undersubscribed.

The issued capital of the company is Rs. 93.75 Crores. Of this, 20%, i.e., 18,75,000 unit shares, will be issued to the public. Out of the total issue capital, 10%, amounting to 9,37,500 unit shares worth Rs. 9.37 Crores, will be allocated to project-affected locals in Taplejung and Panchthar District. The remaining 10% of the issued capital, i.e., 9,37,500 unit shares, will be offered to the general public.

Of this general public issue, 10% of 9,37,500, a total of 93,750 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category will open on the date mentioned above.

For the project-affected locals, the minimum application quantity to be applied is 10 units, while the maximum quantity is 10,000 units. For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 1,000 units.

Sanima Capital Limited has been appointed the issue manager for the public offering.

ICRA Nepal has upgraded the issuer rating of Snow Rivers Limited (SRL or the company) to [ICRANP-IR] BB+ (pronounced ICRANP Issuer Rating Double B Plus) from [ICRANP-IR] BB- (pronounced ICRA NP Issuer Rating Double B Minus). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.

Snow Rivers Limited (SRL), incorporated in August 2014 and converted into a public limited company on June 17, 2022, operates the 13.5 MW Super Kabeli Khola-A Hydropower Project in Taplejung district, Province 1, Nepal. The project is a run-of-the-river (RoR) scheme designed at a 42.32% probability of exceedance (Q42.32). It was commissioned on December 20, 2024, with a total project cost of approximately NPR 2,719 million, translating to about NPR 201 million per MW.

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