IPO Proposal of Pure Energy Limited Approved by SEBON

The Securities Exchange Board of Nepal (SEBON) has approved the IPO issue proposal of Pure Energy Limited.

The company will now issue 16,00,000 equity shares at a par value of NPR 100 each. The amount of the issue is Rs. 16 Crore.

Nabil Investment Banking Limited has been appointed as the issue manager for the IPO issuance.

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 moderate risk of default regarding 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.