Kathmandu. Suryakunda Hydro Electric Limited (Suryakunda Hydroelectric) is going to open its initial public offering (IPO) for the general public from February 18. In the second phase, the company is issuing 5,72,431 units of shares at a face value of Rs 100 to the general public. The company has set aside 34,484 units for mutual fund and 13,793 units for employees.
Applications can be place for minimum 10 units and maximum 50,000 units. The issue will be closed on February 4 and the latter will be on February 14.
Care Ratings Nepal has assigned CareNP Double B Minus Issue Rating to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Kumari Capital Limited has been appointed as the issue manager for the IPO issuance. The interested bidders can collect ASBA application form from all ASBA member banks and their designated branch offices through the Securities Board of Nepal (SEBON).
In addition, the interested bidders can also apply online using ‘Mero Share’ software developed by CDS and Clearing Limited through C-ASBA system.
The total cost of the 11 MW Upper Tadi Khola Hydropower Project is Rs 2.36 billion and the cost per megawatt is Rs 215.31 million. The electricity license of the project is 26 years remaining. The project has a maturity period of 7.71 years and a discount period of 16 years.
