Shuvam Power IPO Collects Rs. 1.51 Arba From 13.64 Lakh Applicants Till Last Day; IPO Oversubscribed by More Than 31.37 Times

Shuvam Power Limited (SHUVAM) issued 481,882 units of shares worth Rs. 4.81 crores to the general public as a part of their Initial Public Offering (IPO) from 18th Magh till 22nd Magh, 2079.

Out of the total 580,580 units; 10% i.e. 58,058 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 11,610 units were set aside for the employees of the company and 5% of the total offered shares i.e. 29,030 units were set aside for the mutual funds. The remaining 481,882 units were for the general public. The paid-up capital of the company will reach Rs. 20 Crores after the IPO issuance.

According to CDSC, 13,64,756 applicants have applied for a total of 15,121,130 units worth Rs. 1.51 Arba till the last day. Thus, the IPO was oversubscribed by more than 31.37 times in terms of the number of units through ordinary applicants as of closing day.

Muktinath Capital Limited was appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 5,000 units.

Shuvam Power Limited is a public limited company, incorporated on December 29, 2015. SPL is involved in the operation of the 0.99MW run-of-the-river Lower Piluwa Khola Small Hydroelectric Project (LPKHP) at Sankhuwasabha District which has been in commercial operation since July 17, 2011. The company obtained the Generation License, from the Government of Nepal – Ministry of Energy on April 15, 2008.