Synergy Power got approval from SEBON to float IPO worth Rs 21 crore; IPO within first week of Poush

Synergy Power Development Limited has got final approval from Securities Board of Nepal (SEBON) to issue IPO worth Rs 21 crore (21 lakh unit shares) on Mangsir 23, 2073. An official of Synergy Power Company said “We have got approval from Board so tentatively we will be issuing IPO by the first week of Poush.” Sanima Capital Limited has been appointed as the issue manager for the IPO. Synergy Power is developing 10MW Sipring Khola Hydropower Project at Dolakha district. Synergy Power Development Limited had floated 7, 00,000 unit shares worth Rs 7 crore as part of its IPO shares for the locals of project affected people of Dolakha district (Gaurishankar, Khare, Lamabagar, Warang, Bulung and Laduk VDC project affected area). ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) of Synergy Power Company.