Shuvam Power Limited is closing its IPO today for Nepalese workers abroad

Shuvam Power Limited is closing its IPO today for Nepalese workers abroad.

From today or the 20th Poush of 2079, Shuvam Power Ltd (SHUVAM) will no longer accept applications from Nepalese individuals who are employe abroad for its Initial Public Offering (IPO).

Since the sixth Poush of 2079, the corporation has been issuing 58,058 unit shares with a face value of Rs 100. With this IPO, the company expects to raise Rs 58.05 lakhs. The project-affected people of Sankhuwasabha district from Jestha 20, 2075 to Ashadh 24, 2075 received 2,00,000 unit IPO shares, or 10% of the company’s issued capital of Rs. 20 crores, earlier. To the legitimate applicants, however, were only shares worth Rs 19.42 lakh or 19420 units sold.

As a result, 400,000 units, or 20% of the shares reserved for the general public, are added to the remaining 180,580 units of unsubscribed shares to create a total of 580,580 units that will offer later for the general public. 10% of the shares, or 58,058 units, of this public offering have designate for Nepalese nationals working overseas. The offering is closing today.

The issue manager for the IPO is Muktinath Capital. A minimum of 10 units and a maximum of 5000 units should request in an application.

About the Shuvam Power Limited

Following the IPO, the promoter-public share ratio would be 70:30, and the company’s total capital will rise to Rs 20 crore.

Founded on December 29, 2015, Shuvam Power Ltd is a public ltd corporation. Sankhuwasabha District’s 0.99MW run-of-the-river Lower Piluwa Khola Small Hydroelectric Project (LPKHP). which is service since July 17, 2011, and is operated by SPL. The company received the Generation License on April 15, 2008, from the Ministry of Energy of the Government of Nepal.

Shuvam Power Limited has give the “CARE-NP BB+ (Is)” issuer rating by CARE Ratings Nepal Limited (CRNL).

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