Synergy Power IPO allotment for locals concluded on Ashwin 19; Small & Big investors of project affected areas allotted 59.02% & 38.41% respectively; to refund IPO non-allottees from Ashwin 28

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    Synergy Power Development Limited had issued 7, 00,000 unit shares worth Rs 7 crore as part of its Initial Public Offering (IPO) for the locals of project affected people of Dolakha district (Gaurishankar, Khare, Lamabagar, Warang, Bulung and Laduk VDC project affected area) from Shrawan 16, 2073 till Shrawan 30, 2073.

    Synergy Power had concluded its IPO allotment on Ashwin 19, 2073 at the premises of issue manager Civil Capital Market Limited located at Kamaladi, Kathmandu at 11:00 AM.

    Civil Capital Market Limitedwas the issue manager for the IPO issue.

    The small investors of the project affected areas are allotted 59.02% whereas big investors are allotted 38.41% of the total investment.

    Of the total 7, 00,000unit shares set aside for local resident. 40% or 280,000units shares, were put aside for retail investors and 60% or 420,000 shares, under “other investor” category. Retail investors applied for a total of 474,450 unit shares and those in the others category demanded 1,093,350 units shares. The retail investors’ side was oversubscribed by 1.69 times, whereas other investors’ side was oversubscribed by 2.80 times.

    Of the total 4244 applicants only 4242 investors got the shares. There were only 2 invalid applicants.

    The authorized capital of company is Rs 70 crore.  The paid up capital of the company remains at Rs 42 crore. After the IPO for the locals of project affected area, the paid up will reach Rs 49 crore.

    ICRA Nepal has assigned an “[ICRANP] IPO Grade 4”, indicating below-average fundamentals to the proposed Initial Public Offering (IPO) of Synergy Power Company.

    Synergy Power is developing 10MW Sipring Khola Hydropower Project at Dolakha district.

    After the IPO for the locals of project affected area, the company will be floating 21, 00,000 units shares worth Rs 21 crore as a part of IPO for the general public.

    Also, Synergy Power will be refunding excess money collected from investors from Ashwin 28, 2073.

    The non-allotted investors have to visit their respective collection centers with receipt to collect their refund money through account payee cheque. Letter of authorization along with photocopy of identity card of authorized person must be presented if the investors cannot collect their money themselves.

    Applicants who had provided their account number of Sanima Bank and Araniko Development Bank will get their refund money directly deposited in their respective accounts.

    Source : Share Sansar