Super Madi Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Project Affected Locals Till Poush 20
Tue, Dec 20, 2022 11:04 AM on IPO/FPO News, Latest,
Super Madi Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today banking hours i.e. Poush 05 and has extended the IPO issue deadline for project-affected locals till 20th Poush, 2079. The issue had opened on 20th Mangsir, 2079.
The issued capital of the company is Rs. 2.10 Arba of which 5% i.e. 10,50,000 unit shares worth Rs. 10.5 crores have been allocated to project-affected locals of Kaski District (Madi VDC) and Pokhara Metropolitan citizens. Meanwhile, 10% of the company's issued capital i.e. 21,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 2,10,000 units shares have been allocated for Nepalese citizens working abroad.
The minimum application quantity to be applied for both project-affected locals and Nepalese citizens working abroad is 10 units while the maximum quantity is 50,000 units.
Sanima Capital Limited is appointed as the issue manager.
According to CDSC, 7,707 applications have been received through Nepalese citizens working abroad for a total of 773,770 units. Thus, the issue is already oversubscribed by 3.68 times so far.
ICRA Nepal has assigned an Issuer rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B) to Super Madi Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Super Madi Hydroelectric Project is located in the Kaski Districts, Gandaki Zone of the Western Development Region of Nepal. The project lies in the Namarjun and Parche Village Development Committees of Kaski District. The headworks is located at the foothill of Sikles village and the powerhouse is located just opposite Sodha village. The project lies about 23 km northeast of Pokhara. At present, there is about 16km long earthen road access towards the project from Pokhara City. An earthen road track has already reached the Headrace Tunnel outlet which lies in the Namarjun Village Development Committee at the left bank of the Madi River.
