October 3, 2021 | Investopaper
IPO Allotment Of Sahas Urja Limited
NIBL Ace Capital Limited, the issue manager for the initial public offering (IPO) of Sahas Urja Limited, has concluded the IPO allotment process on Sunday.
After the allotment, 6,44,000 applicants received 10 shares each. A total of 23,95,456 people had applied for the shares. Of them, 11,996 applications were disqualified with 23,83,460 eligible applicants. With the allotment, more than 17.39 lakh applicants were left empty-handed.
To view the IPO result of Sahas Urja Limited, click the link below:
IPO To General Public
Sahas Urja Limited had issued an Initial Public Offering (IPO) from Ashwin 6, 2078 BS. In the second phase of the IPO, the company sold 70 lakh shares to the general public. At a par value of Rs 100, the public issue amounts to Rs 70 crores. Due to the oversubscription of shares, the public issue was closed on Ashwin 10, 2078 BS.
Out of the total public issue, 3 percent or 2,10,000 shares are reserved for the employees of the company. Likewise, 5 percent or 3,50,000 shares are allotted to the mutual fund schemes. Hence, the general public participated for the remaining 64.40 lakh shares. One could apply for a minimum of 10 shares and a maximum of 10.50 lakh shares.
IPO To Locals
In the first phase of the IPO, the company sold 35 lakh shares to the locals of the project-affected areas. The issue was open from Shrawan 29, 2078 BS. Interested locals of the Solukhumbu district applied for the shares until Bhadra 11, 2078 BS.
The company has appointed NIBL Ace Capital as the issue manager of the IPO.
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Securities Board Of Nepal (SEBON) had provided the approval on Shrawan 14, 2078 BS for the public issuance (IPO). The application to issue the IPO was submitted by the company to SEBON on Mangsir 24, 2077 BS.
After the approval from SEBON, the company floated 1.05 crores units shares in the public offering. At a par value of Rs 100, the total public issue size amounted to Rs 1.05 Arba.
In the first phase of the public offering, the company sold shares to the locals of the project-affected area. After issuing shares to the locals, the company floated shares to the general public.
After the IPO, if fully subscribed, the public will possess 30 percent shares in the company. Likewise, the promoters will hold the remaining 70 percent ownership.
About Sahas Urja Limited
Sahas Urja Limited (SUL) was established on Magh, 2070 B.S as a private limited company. Later, on Bhadra 2071 B.S, the company converted into a public limited company.
Sahas Urja is constructing an 86 MW Solu Khola (Dudhkoshi) Hydropower Project. It is a Run Of River (RoR) type of project located at Solududhkunda Municipality & Thulung Dudh Koshi Gaupalika, Solukhumbhu District.
The project will generate 520.20 GWh of electricity annually. In the dry season, the electricity production will amount to 100.27 GWh while in the wet season, the project will generate 419.93 GWh electricity. The generated electricity will connect to the national transmission line through the NEA sub-station at Lammane, Tingla, Solu.
The company has already signed a Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA). The financing for the project will be led by Nepal Investment Bank (NIBL) along with 10 other banks and investment companies as consortium members. The estimated total cost of the project is Rs 11.86 billion.