Pure Energy Limited is set to issue 11,95,200 unit IPO shares at a face value of Rs. 100 per share, starting from Chaitra 28, 2081. The IPO subscription will close early on Baisakh 2, 2082, but if it is not fully subscribed, the deadline will be extended until Baisakh 11, 2082.
The company has a total issued capital of Rs. 80 Crore. Out of this, 2% (1,60,000 shares worth Rs. 1.60 Crore) was allocated to the residents of Banke District who were affected by the project. Additionally, 18% of the issued capital, which amounts to 14,40,000 shares, will be available to the general public from Chaitra 28. Among these public shares, 10% (1,44,000 shares) have been reserved for Nepalese citizens working abroad.
From the total 14,40,000 shares, 72,000 shares (5%) have been allocated for mutual funds, and 28,800 shares (2%) are reserved for the company’s employees. The remaining 11,95,200 shares will be available for the general public from the given date.
Nabil Investment Banking Limited has been appointed as the issue manager. Investors can apply for a minimum of 10 shares and a maximum of 1,00,000 shares.
CARE Ratings Nepal Limited (CRNL) has given Pure Energy Limited (PEL) an issuer rating of ‘CARE-NP BB+ (Is)’. This rating indicates a moderate risk of default in meeting financial obligations. The rating for PEL’s long-term bank facilities has also been revised to ‘CARE-NP BB+’ from ‘CARE-NP BB’.
Pure Energy Limited was founded on June 19, 2018. The company is supported by promoters from the Golyan Group and REnergo Developers Pvt Ltd. It is focused on developing a 20 MW solar photovoltaic (PV) project in Raniyapur Village Development Committee, Banke District, Nepal. The solar project is already operational.
