Shikhar Power Development Limited has opened its IPO for issuance and sale today, Magh 6, 2082 B.S. The IPO is being offered to local residents in the project-affected areas and Nepalis working abroad. The company received approval from the Nepal Securities Board to issue 32 lakh ordinary shares, representing 32.65% of its total capital of NPR 98 crore, valued at NPR 32 crore.
Of the total IPO, 10% of the issued capital, or 9.8 lakh shares at a face value of NPR 100 each, has been allocated to local residents based on the Environmental Impact Assessment report and the electricity generation permit. Eligible applicants include residents of wards 1 to 10 of Badigad Rural Municipality, Baglung District, as well as residents of ward 2 of Dhorpatan Municipality, which is affected by the projectтАЩs electricity transmission line.
Additionally, 10% of the shares reserved for the general public, totaling 2.22 lakh shares at NPR 100 each (equivalent to NPR 2.22 crore), have been allocated to Nepalis working abroad after obtaining labor approval from the relevant government authority.
Applicants can apply for a minimum of 10 shares and a maximum of 10,000 shares. The application period for local residents of the project-affected areas is from Magh 6, 2082 B.S., with a closing date of Falgun 8, 2082 B.S., and the issuance may close earlier on Magh 20 if sufficient applications are received. Nepalis working abroad must submit their applications by Magh 9, 2082 B.S. If applications are insufficient, the local residentsтАЩ issuance period may be extended until Magh 20.
In the IPO rating conducted for issuance, ICRA Nepal assigned the company an ICRANP Issuer Rating of BB, indicating a moderate risk in meeting financial obligations. The IPO issuance and sale are being managed by Global IME Capital Limited. Local residents can submit their applications through the sales manager, as well as through Global IME Bank branches in Burtibang and Baglung Bazaar, Prabhu BankтАЩs Badigad branch, Garima Development BankтАЩs Burtibang branch, and Shine Resunga Development BankтАЩs Burtibang branch. A fee of NPR 2 per application is required to obtain the application form.
Nepalis working abroad can apply via the C-ASBA system through all C-ASBA member banks and financial institutions approved by the Nepal Securities Board and their designated branches.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
