KATHMANDU, March 18: Sanigad Hydro Limited is set to launch its initial public offering (IPO) on March 22 with the first phase targeting local residents in the project area and Nepalis working abroad. The IPO will open for affected locals and overseas investors from April 11.
Under the offering, the company has allocated 2,850,000 shares, priced at Rs 100 each, worth a total of Rs 285 million for local residents. Residents in the highly affected wards 1 and 2 of Bungel Municipality, Bajhang, have been allocated 1,852,500 shares worth Rs 185.25 million, while residents in wards 3, 5–11 of the same municipality are allocated 997,500 shares worth Rs 9.975 crore. Local applicants can submit applications for 10 to 20,000 shares until April 5.
For Nepalis working abroad, the company has reserved 570,000 shares, with applications accepted until March 25. After the first phase for locals and overseas investors, the company plans to offer shares to the general public in the second phase.
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The IPO covers 30 percent of the company’s authorized capital of Rs 2.85 billion, amounting to 8,550,000 shares worth Rs 855 million, as approved by the Securities Board of Nepal.
In the IPO rating, ICRA Nepal assigned Sanigad Hydro a BB- rating, indicating a moderate risk in meeting financial obligations.
The 38.46 MW Upper Kalangagad Hydropower Project operated by the company has a total estimated cost of Rs 8.687 billion. The IPO is being managed and marketed by Laxmi Sunrise Capital Limited.
As of the end of Poush, the company reported earnings per share of Rs 8.65 and net worth per share of Rs 113.22, with accumulated retained earnings of Rs 263.7 million. The company’s chairman is Nepali Congress leader and businessman Umesh Shrestha, who holds 897,000 shares.
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