IPO Allotment: Pure Energy Limited Allotted Shares To Banke Locals and Nepalese Abroad on Chaitra 15

Pure Energy Limited has allotted IPO shares to the project-affected locals of Banke District and Foreign Nepalese employees. The allotment program concluded on 15th Chaitra, 2081.

The company's issued capital is Rs. 80 Crore, of which 2%, or 1,60,000 unit shares worth Rs. 1.60 Crores, were issued to project-affected locals of the Banke District. Meanwhile, 18% of the company's issued capital, i.e., 14,40,000 unit shares, will be issued later for the general public. Of this public issue, 10% of the shares, totaling 1,44,000 unit shares, were issued to the Nepalese citizens working abroad from 20th Falgun to 5th Chaitra, 2081.

As per the allotment module, the issue received a total of 2,452 applications for 160,000 units from project-affected locals of Banke district, while it received 14,400 applications for 144,000 units from foreign Nepalese employees.

In total, 144,000 units were allotted to 14,400 valid applicants, with 10 units each for Foreign Nepalese employees.

Nabil Investment Banking Limited was appointed as the issue manager. The minimum application quantity for project-affected locals was 10 units, and the maximum was 16,000 units. Similarly, the minimum application quantity for Nepalese citizens working abroad was 10 units, and the maximum was 7,200 units.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal. CRNL has also revised the rating assigned to long-term bank facilities of PEL to ‘CARE-NP BB+’ from ‘CARE-NP BB’.

Pure Energy Ltd (PEL) was established on June 19, 2018. It is backed by individual promoters associated with the Golyan group and REnergo Developers Pvt Ltd. The company's focus is on the establishment of a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, located in the Banke district of Nepal. Both solar projects are currently in operation.

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