Swet Ganga Hydropower & Construction (SWET) IPO Opening for Locals of Ramechhapp and Okhaldhunga District from Jestha 23

Swet Ganga Hydropower & Construction Limited (SWET) has published an offer letter to issue its IPO to the project affected locals of the Ramechhapp and Okhaldhunga Districts.

The local IPO issue will open on 23rd Jestha and close on 6th Ashadh, 2079. If not subscribed by the early closing date, the issue will close on 21st Ashadh. 15,93,000 unit shares will be issued at a par value of Rs. 100 per share. This is 10% of the company's issued capital i.e Rs. 1.59 Arba. Out of the total 15,93,000 unit shares, 70% i.e 11,15,100 unit shares have been set aside for the locals of Rural Municipality of Ramechhapp and Okhaldhunga District whereas 25% i.e 3,98,250 unit shares have been set aside for the locals of Ramechhapp. Meanwhile, remaining 79,650 unit shares are for project affected locals of both districts.

Sanima Capital has been appointed as the issue manager for the IPO issuance. The locals can apply for a minimum of 10 shares to a maximum of 10,000 shares.

CARE Ratings Nepal Limited (CRNL) has assigned issuer rating of ‘CARE-NP BB (IS)’ to Swet Ganga Hydropower & Construction Limited (SGHCL). Issuers with this rating are considered to offer moderate risk of default regarding timely servicing of financial obligations in Nepal.

Swet Ganga Hydropower & Construction Limited (SGHCL) is a Public Limited company, incorporated as on February 28, 2005 as Swet Ganga Hydropower & Construction Private Limited and later changed to Public limited on October 03, 2016. It is promoted by individual promoters from different background, institutional investors majorly related to Sanima Hydro group and other institutes which includes banks and investment companies for setting up of a 28.1 MW run-of-river, Lower Likhu Hydropower Project (LLHP) located in Ramechhap district of Nepal. The project is constructed under BOOT (Build, own, Operate and Transfer) mechanism.

Offer Letter