IPO Alert! Supermai Hydropower Opening the Issue of 415,000 Unit IPO Shares to General Public from Today
Mon, Feb 6, 2023 9:50 AM on IPO/FPO News, Latest,
Supermai Hydropower Limited is opening the issue of 4,15,000 unit shares of Rs 100 face value as IPO for the general public from today i.e. 23rd Magh, 2079. The company intends to collect Rs 4.15 crore from this IPO. The early closing date of this issue is on 26th Magh and if the issue is not fully subscribed, it can be extended up to Falgun 08, 2079.
Out of the total 500,000 units; 10% i.e. 50,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 10,000 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 25,000 units have been set aside for the mutual funds. The remaining 4,15,000 units are for the general public. The paid-up capital of the company will reach Rs. 50 Crores after the IPO issuance.
Earlier, the company had issued 500,000 unit shares worth Rs. 5 crores to the project-affected locals and 50,000 units shares to Nepalese citizens working abroad. Overall, 80% of shares are of the promoter shareholders in the company.
Sanima Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 20,000 units.
ICRA Nepal has upgraded the issuer rating of Super Mai Hydropower Limited 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 a moderate degree of safety regarding the timely servicing of financial obligations.
Super-Mai hydropower project Ltd. was established in the year 2071, backed up by leading persons in hydropower developers, finance, and industrial sector with the sole purpose of generating energy in a safe, cost-effective, reliable, efficient, and environmentally sound manner using state of art technologies. The Company aims to generate and supply energy from various sources, mainly hydropower. In order to pursue this goal, the Company envisages organizing and utilizing the financial and technical capabilities available within the country to construct projects one after another to contribute to whatever extent possible to the energy need of the nation and assure an attractive return to the investors.
