IPO issuance of Shuvam Power for locals to close today; Interested Locals of Sankhuwasabha district can apply for minimum 50 units

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    Today is last day to clinch 2 Lakh units IPO of Shuvam Power Limited (SHUVAM) of Sankhuwasabha district.

    SHUVAM is issuing 2 lakh unit shares as initial public offerings for the locals of Sankhuwasabha district. The IPO was open from Jestha 20, 2075 to Ashadh 24, 2075 i.e. today.

    The interested locals can apply for a minimum 50 units of share and maximum 1,000 unit of share at par value of Rs 100.

    CBIL Capital has been appointed as the issue manager for the IPO issuance. The interested locals can place their applications through any of the ASBA member branches in that local area.

    The capital structure of the hydropower company is 70:30 where the currently issued 2 lakh unit form 10 % of the total paid up capital of the company. Remaining 20% worth Rs 4 crore (including shares for employees) will be issued in the second stage.

    ICRA Nepal had assigned Grade 5 rating to the IPO issuance of Shuvam Power Limited indicating poor fundamentals.

    The company has been operating Piluwa Khola Hydropower Project in Sankhuwasabha District since Shrawan 1, 2068. Furthermore, the power company is set to install a 2 MW solar plant in the same place.

    Source: The Sharesansar