Pure Energy to Float 16 Lakh Shares in IPO

February 15, 2024 | Investopaper

Pure 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 Magh 29, 2080 BS. Only after receiving the approval from the regulatory body, the company can float the shares to the public.

If approved by SEBON, the company plans to sell 16,00,000 shares that amounts to Rs. 16 crores in the public offering (IPO).

The company has appointed Nabil Investment Banking Limited as the issue and sales manager for the IPO. An agreement has been reached between the company and Nabil Investment Banking on this regard.

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 Pure Energy Limited

Pure Energy Limited was established on June 19, 2018. The company is currently developing a 20 MW solar power project Banke district of Nepal. The solar project is being set up in 2 phases (Block-1 and Block-2) having installed capacity of 10 MW under each phase.

The estimated cost of the project is Rs. 224.86 crores which translates into per MW cost of Rs. 11.24 crores. The project is being funded in a debt-equity ratio of 67:33.

The company is mainly promoted by the individuals of Golyan group and Renergo Developers.


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