Sindhupalchowk based Shiva Shree Hydropower allotted to the valid applicants; 77% unsubscribed shares to be issued along with the issue for general public

Another day and yet another company’s issue has been unsubscribed. Shiva Shree Hydropower Limited had issued 14,76,400 units as Initial Public Offering (IPO) for the locals of Sindhupalchowk district from Poush 27, 2075 till Magh 11, 2075. Out of the total issue only 3,39,860 units were subscribed by the valid applicants.

Now, the company will issue 33,51,140 units (including 11,36,540 units unsubscribed shares) IPO share to the general public. The paid up capital after IPO issue will be Rs 147.64 crores, whereas the promoter-public share structure will be 75-25 ratio.

Siddhartha Capital Limited was appointed as the issue manager for the IPO issuance.

ICRA Nepal had assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

Currently, it has been developing ‘Upper Chaku Hydroelectric Project’ of capacity 22.2 MW located at Sindhupalchowk district of Nepal. The per megawatt cost of the project has been estimated as Rs 16.50 crore.