NRN Infrastructure & Development Limited IPO: Last Day to Apply

August 5, 2020 | Investopaper

NRN Infrastructure & Development Limited is floating 33,98,046 shares through the Initial Public Offering (IPO). The company opened the IPO issue from Shrawan 16, 2077. It will remain open until Shrawan 21, 2077. However, if it remains undersubscribed until that period, the issue will extend to Bhadra 3, 2077.

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Due to the oversubscription of shares, the IPO of NRN Infrastructure and Development Limited will close from today after the close of banking hours.

Securities Board of Nepal (SEBON) provided the approval for the IPO on Falgun 4, 2076.  Through the sale of IPO, the company is planning to accumulate Rs. 33.98 crores in the capital.

Out of the total issue, mutual funds will participate for the 5 percent or 1,69,902 shares. Likewise, the employees of the company will receive 2 percent or 67,961 shares. Thus, the general public can apply for the remaining 31,60,183 shares.

Interested investors can apply for a minimum of 10 shares and a maximum of 31,60,180 shares at a face value of Rs 100.

Related: Upcoming Initial Public Offerings (IPO) In Nepal

After the IPO, the total capital of the company will rise to Rs. 1.13 Arba. The general public will have 30 percent ownership in the company.

Sanima Capital Limited is the issue manager for the IPO of NRN Infrastructure & Development Limited.

Care Ratings Nepal has provided ‘CARE-NP IPO Grade 4’ to the issue. This indicates below average fundamentals for the company.

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About NRN Infrastructure and Development Limited

NRN Infrastructure and Development Limited registered in Kathmandu under the Company Act 2063,” in September 2012 (Bhadra 31, 2069. The main objective of the company is to promote collective investment at the hydropower sector in initial phase and to explore other investment avenues of national priorities too in future.

The corporate office of the company is located at Chabahil, Kathmandu. The company has invested Rs 38.04 crores in capital in Himalayan Power Partners Limited which is developing Dordi Khola Hydropower Project. Likewise, it has made an investment of Rs 6.40 crores share capital in 73 MW Sanima Middle Tamor Hydropower. Similarly, it has invested Rs 10 crores in Swetganga Hydropower (28.1 MW) and Rs 2.25 crores in Upper Mailung Khola Hydropower (14.3 MW).

Mr. Jibanath Lamichhane is the Managing Chairman of the company. The company is mainly promoted by NRN Australia Hydro Group Pvt. Ltd.

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