Upper Syange Hydropower IPO Closing From Today For Nepalese Employed Abroad; Deadline Extended for Locals Till Jestha 19
Tue, May 30, 2023 9:48 AM on Latest, IPO/FPO News,
Upper Syange Hydropower Limited is closing the issue of its IPO to the Nepalese citizens working abroad from today i.e. 16th Jestha, 2080, and has extended the IPO issue deadline for project-affected locals of Lamjung District till 19th Jestha. The issue had opened on 1st Jestha, 2080.
The issued capital of the company is Rs. 22 Crores of which 10% i.e. 2,20,000 unit shares worth Rs. 2.2 crores have been allocated to project-affected locals of Lamjung District. Meanwhile, 29.55% of the company's issued capital i.e. 650,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 65,000 units shares have been allocated for Nepalese citizens working abroad, the issue of which will close today.
For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 100,000 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 50,000 units.
Siddhartha Capital Limited is appointed as the issue manager. The promoter-public share ratio will be 60.45: 39.55 after this IPO.
According to CDSC, 21,291 applications have been received through Nepalese citizens working abroad for a total of 470,510 units so far.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Upper Syange Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.
Upper Syange Hydropower Limited is a public company, incorporated on January 26, 2009, as Upper Syange Hydropower Private Limited and converted to Public Limited on March 30, 2017. It is promoted by both individual and institutional promoters from different backgrounds. It is setting up of a 2.4 MW Run-of-River (RoR), Upper Syange Hydropower Project (USHP) in BOOT (Build, own, Operate, and Transfer) mechanism and located at Lamjung district of Nepal.
