Supermai Hydropower Limited has published an offer letter to issue Initial Public Offering (IPO) to the project affected locals of Illam District and Nepalese citizens working abroad.
The IPO issue for the locals and Nepalese citizens working abroad will open on 21st Mangsir, and close on 6th Poush, 2079. Note that for the locals of Illam District, if the issue is not subscribed by the early closing date, the issue can be extended till 21st Poush. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 50 Crores of which 10% i.e. 5,00,000 unit shares worth Rs. 5 crores have been allocated to project affected locals of Illam District.
Also, 10% of the company's issued capital i.e. 5,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 50,000 unit shares have been allocated for Nepalese citizens working abroad, the issue of which will open at the date mentioned above.
The minimum application quantity to apply for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 20,000 units.
The promoter- public ratio after this IPO will be 80: 20.
Sanima Capital Limited has been appointed as the issue manager.
ICRA Nepal has upgraded the issuer rating of Super Mai Hydropower Limited (SMHL) to [ICRANP-IR] BBB- (pronounced ICRA NP issuer rating triple B minus) from [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus). Issuers with this rating are considered to have moderate degree of safety regarding timely servicing of financial obligations.
Super Mai Hydropower Limited was incorporated on July 2, 2017, as a public limited company, is operating a 7.8-MW Super Mai HPP in Ilam district, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and has been developed at 40% probability of exceedance. The paid-up capital of the company as of mid-July 2021 is NPR 400 million.