IPO Issue of Pure Energy Limited Closing Today; Oversubscribed 16.14 Times So Far
Tue, Apr 15, 2025 7:29 AM on IPO/FPO News, Latest,
Pure Energy Limited is closing the issue of 11,95,200 units of IPO shares at a par value of Rs 100 from today, the 3rd Chaitra, 2nd Baisakh, 2082. The issue opened for the general public on the 28th Chaitra, 2081.
The company has an issued capital of Rs. 80 Crore, of which 2% (1,60,000 unit shares worth Rs. 1.60 Crore) was allocated to project-affected locals of the Banke District. Meanwhile, 18% of the issued capital, equivalent to 14,40,000 unit shares, will be offered to the general public starting from 28th Chaitra. Of this public issue, 10% (1,44,000 unit shares) was allocated to Nepalese citizens working abroad.
Out of the total 14,40,000 units, 72,000 (i.e., 5% of 14,40,000) have been set aside for mutual funds, and 28,800 (i.e., 2% of 14,40,000) units have been set aside for the company's employees. The remaining 11,95,200 units are for the general public, the issue of which will close from today.
Nabil Investment Banking Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.
According to CDSC, 16,34,489 applicants have applied for 1,92,94,760 units worth Rs. 1.96 Arba. Thus, the issue has already been oversubscribed 16.14 times.
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.
