Pure Energy Limited IPO Closing Today for Banke Locals and Nepalese Abroad

Pure Energy Limited is closing the issue of its IPO for project-affected locals of the Banke District and Nepalese citizens working abroad today, the 5th Chaitra, 2081. The issue opened on the 20th Falgun, 2081.

The company's issued capital is Rs. 80 Crore, of which 2%, or 1,60,000 unit shares worth Rs. 1.60 Crores, have been allocated 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, have been allocated for Nepalese citizens working abroad, the issue of which will close today.

The minimum application quantity for the project-affected locals is 10 units, and the maximum is 16,000 units. Similarly, the minimum application quantity for Nepalese citizens working abroad is 10 units, and the maximum is 7,200 units.

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

According to CDSC, 54,983 applications have been received through Nepalese citizens working abroad for a total of 12,50,510 units so far.

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.