IPO Proposals of Makar Jitumaya Suri Hydropower and Sanima Middle Tamor Hydropower Finally Approved by SEBON
Tue, Dec 27, 2022 10:22 AM on Latest, IPO/FPO News,
The Securities Exchange Board of Nepal (SEBON) has approved the proposed IPO issue of Makar Jitumaya Suri Hydropower Ltd. (MAKAR) and Sanima Middle Tamor Hydropower Ltd (SMTHL). Both proposals were approved on Poush 7, 2079.
MAKAR will now issue 2,280,000 equity shares at a par value NPR 100 each. The amount of the issue is Rs. 22.8 Crore. This is 30% of the company's issued capital. The total paid up capital after the IPO allotment would be Rs 76 crore of the company.
Prabhu Capital Limited has been appointed as the issue manager for the proposed IPO issuance.
Makar Jitumaya Suri Hydropower Limited (MJSHL) was incorporated on July 15, 2021, after the merger of Makar Jitumaya Hydropower Private Limited (MJHPL) with Suri Khola Hydropower Limited (SKHL). The merged entity is currently developing two under-construction hydropower projects namely, the 6.4 MW run-of-river, Suri Khola Hydropower Project (SKHP) and the 7MW Upper Suri Hydropower Project (USKHP) in the Dolakha district of Nepal. CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB [Double B]’ to the long-term bank facilities of Makar Jitumaya Suri Hydropower Limited (MJSHL).
Similarly, SMTHL will now issue 8,331,250 unit shares of Rs 100 par value and raise Rs. 83.31 crores. This is 25% of the issued capital. The total paid-up capital after the IPO allotment would be Rs 3.3325 Arba of the company.
Sanima Capital has been appointed as the issue manager.
Sanima Middle Tamor Hydro Power Ltd (SMTHL) is a Public Limited company, incorporated on May 05, 2016. It is promoted by individual promoters from different background, institutional investors majorly related to Sanima Hydro group and other institutes which includes Banks and Insurance companies for setting up of a 73 MW run-of-river, Middle Tamor Hydropower Project in the Taplejung district of Nepal. The project is constructed under the BOOT (Build, Own, Operate, and Transfer) mechanism.
