IPO Proposal of Upper Syange Hydropower Approved by SEBON; Company to Issue IPO Worth Rs 8.7 Crore Soon

The Securities Exchange Board of Nepal (SEBON) has approved the proposed IPO issue of Upper Syange Hydropower Limited on Baisakh 13, 2080.

The company will now issue 870,000 equity shares at a par value of NPR 100 each. The amount of the issue is Rs. 8.7 Crore. This is 39.55% of the company's issued capital. The total paid-up capital after the IPO allotment would be Rs 22 Crores of the company.

Siddhartha Capital Limited has been appointed as the issue manager for the proposed IPO issuance.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Upper Syange Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.

Upper Syange Hydropower is a Public Limited company, incorporated on January 26, 2009, as Upper Syange Hydropower Private Limited and converted to Public limited on March 30, 2017. It is promoted by both individual and institutional promoters from different backgrounds. It is setting up of a 2.4 MW Run-of-River (RoR), Upper Syange Hydropower Project (USHP) in BOOT (Build, own, Operate, and Transfer) mechanism and located at Lamjung district of Nepal.