Upper Syange Hydropower  IPO Details

Upper Syange Hydropower Limited has announced the initiation of its initial public offering (IPO), presenting 539,500 shares with a face value of Rs 100 each to interested investors. The IPO subscription period commences today, on the 10th of Ashad, 2080, and the company aims to raise a total capital of Rs 5.39 crore from this offering. The IPO subscription will remain open until the 13th of Ashad , with a possibility of extension until the 24th of Ashad, 2080 , if the shares are not fully subscribed.

Out of the total 650,000 shares , 65,000 shares have already been allocated to Nepalese citizens working abroad, accounting for 10% of the total offering. Furthermore, 32,500 shares, equivalent to 5% of the offering, have been reserved for mutual funds, while 13,000 shares, constituting 2%, have been set aside for employees of the company. The remaining 539,500 shares are available for the general public to acquire. Upon completion of the IPO, the paid-up capital of Upper Syange Hydropower Limited will reach Rs. 22 crores.

Nepal Republic Media IPO Result Details

Previously, the company issued 220,000 shares, amounting to Rs. 2.2 crores, exclusively to the project-affected locals in the Lamjung District. An additional 65,000 shares were allocated to Nepalese citizens working overseas. As a result of the ongoing IPO, the share distribution between promoters and the public will be adjusted to a ratio of 60.45:39.55.

Siddhartha Capital Limited has been appointed as the issue manager for this IPO. Interested investors can submit applications for a minimum of 10 shares and a maximum of 100,000 shares.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of  'CARE-NP BB (Is)'  assigned to Upper Syange Hydropower Limited. This rating reflects a moderate risk of default in terms of timely servicing of financial obligations within Nepal.

Upper Syange Hydropower Limited was initially established as Upper Syange Hydropower Private Limited on January 26, 2009, and later converted into a public limited company on March 30, 2017. The company boasts a diverse group of individual and institutional promoters. It is currently focused on developing the Upper Syange Hydropower Project (USHP), a 2.4 MW Run-of-River (RoR) hydropower project situated in the Lamjung district of Nepal. The USHP operates under the BOOT (Build, Own, Operate, and Transfer) mechanism.