Kathmandu, March 22 – Sanigad Hydro Power Limited has opened its Sanigad Hydro IPO from March 22, targeting locals of affected areas and foreign-employed Nepali workers.
The company is issuing 30 percent of its total issued capital worth Rs 2.85 billion. Out of this, 8,550,000 units of shares worth Rs 855 million will be offered to the general public in phases.
A total of 2,850,000 units worth Rs 285 million has been allocated for locals of affected areas in Bungal Municipality, Bajhang. Among them, 1,852,500 units are reserved for the most affected wards (1, 2, and 4), while the remaining 997,500 units are distributed to wards 3, 5, 6, 7, 10, and 11.
Similarly, 570,000 units (10 percent of the general public quota) worth Rs 57 million are allocated to foreign-employed Nepali workers.
Investors can apply for a minimum of 10 units and a maximum of 20,000 units. The issue will close early on April 5 and latest by April 20 for locals, while for foreign workers it will close early on March 25 and latest by April 5.
ICRA Nepal has assigned a BB rating to the company, indicating moderate investment risk.
The Sanigad Hydro IPO is being managed by Laxmi Sunrise Capital. Local applicants can submit applications through branches of Laxmi Sunrise Bank, Global IME Bank, Rastriya Banijya Bank, and Agriculture Development Bank, as well as the company’s office in Birabagar, Bungal Municipality.
Foreign-employed Nepali workers can apply through all C-ASBA-approved BFIs and via MeroShare.
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