The Initial Public Offering (IPO) shares of Sanima Mai Hydropower Limited (SHPC) are being traded from today.
Though the trading ranges from 108 to 324, the scrip is most likely start trading at 324 and go on to hit a 10 percent circuit breaker, according to the stock analysts and traders who have been closing monitoring the market.
There are buyers for 2 lakh units of SHPC at Rs 324, according to our sources at the trading floor.
The scrip was listed on January 14.
Notably SMHL had floated its second round of IPO from September 22.
For the second issue, SMHL has proposed to float an Initial Public Offer of 2,110,000 equity shares of face value Rs 100 each—managed by NIDC Capital.
The issuance had closed on September 24, and was oversubscribed by some 31 times.
Of the 2.11 million units of the IPO floated in the market, 84,400 units were reserved for its staff and 105,500 units were allotted to the mutual funds.
The general public could bid for a minimum of 50 units to a maximum of 100,000 units.
Sanima Mai Hydropower Ltd has an authorized capital of Rs 2.70 billion, issued capital of Rs 1.055 billion and its paid-up came at par with the issued capital after the issuance of the IPO.
The ICRA Nepal had given Grade 3 rating to the IPO indicating the company’s average fundamentals — ICRA Nepal assigns IPO grading on a scale of 1 (strong) to 5 (poor).
Sanima Mai Hydropower Ltd (SMHL) is promoted by a group of veteran Non-Resident Nepali professionals who have extensive experience in a number of industries which include banking, insurance, real estate, engineering, construction.
Currently, the company is developing two hydropower projects with an aggregate capacity of 29 MW. Phase I of the project is of a capacity of 22 MW and is expected to commission in July 2014 while Phase II of the project is of a capacity of 7 MW and is expected to commission in July 2015.
Source : ShareSansar
