Sanigad Hydro Limited (SHL) has officially opened its Initial Public Offering (IPO) for the general public from Jestha 18, 2083. The company is issuing 46,74,000 ordinary shares at a face value of Rs. 100 per share, providing investors an opportunity to participate in one of Nepal's operating hydropower projects.
The IPO was initially scheduled to close on Jestha 21, 2083. However, if the issue is not fully subscribed within the early closing period, the deadline may be extended until Ashadh 1, 2083.
Sanigad Hydro has an issued capital of Rs. 2.85 billion, of which 30% (85,50,000 shares) has been allocated to the public. Out of this allocation, 28,50,000 shares were already issued to project-affected locals of Bajhang District. The remaining 57,00,000 shares were designated for the general public category.
Prior to opening for the general public, 5,70,000 shares were allocated to Nepali citizens working abroad. Additionally, 1,71,000 shares have been reserved for company employees, while 2,85,000 shares have been set aside for mutual funds. After these allocations, the remaining 46,74,000 shares are now available for the general public.
The IPO issue manager is LS Capital Limited. Investors can apply for a minimum of 10 shares and a maximum of 20,000 shares through the ASBA-approved banks and financial institutions or via the Mero Share platform.
In a positive development ahead of the public offering, ICRA Nepal upgraded the company's issuer rating from [ICRANP-IR] B+ to [ICRANP-IR] BB-. The rating indicates a moderate level of risk regarding the company's ability to meet its financial obligations on time and reflects an improvement in its overall financial profile.
Sanigad Hydro Limited was established in December 2007 as a private limited company and later converted into a public limited company in July 2021. The company is the developer and operator of the 38.46 MW Upper Kalanga Gad Hydroelectric Project, located in Bajhang District of Sudurpaschim Province.
The IPO is expected to attract significant attention from investors as the company already has an operational hydropower project, which generally reduces construction-related risks compared to projects that are still under development.
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