People’s Energy Limited to Float IPO | Submits Application to SEBON
August 9, 2024 | Investopaper
People’s Energy Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Shrawan 22, 2081 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
The company plans to sell 66 lakh shares at a par value of Rs. 100 per share in the public offering. The public issue amounts to Rs. 66 crores.
The company has appointed Sanima Capital Limited as the issue and sales manager and Citizen Investment Trust as the underwriter for the public offering.
In the first phase, the company will issue shares to the locals of the project affected areas and foreign employed Nepalese. Likewise, in the second phase, the hydropower will float shares to the general public, including the employees of the company and the mutual fund schemes.
About People’s Energy Limited
People’s Energy Limited, incorporated in n October 29, 2009 as a private limited company, was transformed into a public company on July July 05, 2016 to sell the shares to the general public.
The company is currently developing a Khimti-2 hydroelectric project in the Dolakha and Ramechhap district of Nepal. The project is a Run-of-river(ROR) type project with an installed capacity of 48.8 MW.
About 80 percent of the construction work on the project has been completed. The project involves the construction of a 35-kilometer-long tunnel, with only the final stages remaining, along with some mechanical and electrical work.
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