Synergy Power publishing IPO offer letter tomorrow; IPO opening from Poush 8

Synergy Power Development Limited will be publishing its Initial Public Offering (IPO) offer letter tomorrow. According to Sujan Chandra Poudel, Company Manager for Synergy Power, ‘the company will publish offer letter of IPO worth Rs 21crore (21 lakh unit shares) tomorrow. The opening date of IPO is on Poush 8, 2073 and will last till Poush 12, 2073. The maximum closing date of the IPO will be Poush 22, 2073.’ The hydropower company had got final approval from Securities Board of Nepal (SEBON) on Mangsir 23, 2073 to float the IPO shares. Sanima Capital Limited is 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.