IPO Allotment of Swet Ganga Hydropower Concludes: 2,27,002 Applicants Celebrate; 13,12,503 Applicants Return Empty-Handed

The IPO allotment of Swet Ganga Hydropower & Construction Limited (SWET) is concluded today at the premises of Sanima Capital Limited, Naxal, Kathmandu.

Swet Ganga Hydropower & Construction Limited (SWET) had issued 23,89,500 units worth Rs 23.89 crore as Initial Public Offering to the general public (Shrawan 4- Shrawan 8, 2079). 

Out of the offered 23,89,500 units; 5% of the total offered shares to the general public i.e. 1,19,475 units have been set aside for the mutual funds. The remaining 22,70,025 units are for the general public. This is the 15% shares of the issued capital.

The issue had received applications from 15,39,505 valid applicants who had applied for a total of 1,70,15,790 units. The issue was oversubscribed more than 7.49 times. 

As per the allotment module, a total of 2,27,002 applicants were allotted 10 units each via lottery, and further 5 lucky applicants get 1 unit extra and the remaining 13,12,503 applicants were returned with empty hands. 

A total of 1,19,475 units were allotted to mutual funds.

In total 1,616 applicants who applied for 18,300 units were disqualified due to duplicate applications and a total of 2,824 applicants who applied for 38,780 units were also disqualified due to duplicate applications from Local shareholders. 

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, , MeroShare and Sanima Capital.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB (IS)’ to Swet Ganga Hydropower & Construction Limited (SWET). 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 (SWET) is a Public Limited company, incorporated 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 backgrounds, 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.