Supermai Hydropower IPO Closing From Today for Project Affected Locals of Illam District

Supermai Hydropower Limited is closing the issue of its IPO to the project-affected locals of Illam District from today i.e. Poush 13. The issue had opened on 21st Mangsir, 2079.

The issued capital of the company is Rs. 50 Crores of which 10% i.e. 5,00,000 unit shares worth Rs. 5 crores have been allocated to project-affected locals of Illam District. Also, 10% of the company's issued capital i.e. 5,00,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 50,000 units shares have been allocated for Nepalese citizens working abroad. The promoter-public ratio after this IPO will be 80: 20. The deadline for the IPO of Nepalese citizens working abroad also expired on Poush 6.

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 20,000 units.

Sanima Capital Limited is appointed as the issue manager.

The IPO issue deadline for project-affected locals was extended till 21st Poush, 2079, however, the issue was already oversubscribed the company is set to close the deadline today itself.

ICRA Nepal has upgraded the issuer rating of Super Mai Hydropower Limited to [ICRANP-IR] BBB- (pronounced ICRA NP issuer rating triple B minus) from [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus). Issuers with this rating are considered to have a moderate degree of safety regarding the timely servicing of financial obligations.

Super-Mai hydropower project Ltd. was established in the year 2071, backed up by leading persons in hydropower developers, finance, and industrial sector with the sole purpose of generating energy in a safe, cost-effective, reliable, efficient, and environmentally sound manner using state of art technologies. The Company aims to generate and supply energy from various sources, mainly hydropower. In order to pursue this goal, the Company envisages organizing and utilizing the financial and technical capabilities available within the country to construct projects one after another to contribute to whatever extent possible to the energy need of the nation and assure an attractive return to the investors.