SEBON Approves IPO worth Rs 1.57 Bn

Mar 25, 2019 Merolagani

Securities Board of Nepal (SEBON) has approved initial public offering (IPO) worth Rs 1.57 billion. The regulatory body approved 15,738,150 units of shares of Rasuwagadhi Hydropower and Sanjen Hydropower.

Rasuwagadhi Hydropower

Rasuwagadhi Hydropower is set to issue 10,263,150 units of shares to general public in the second phase. Earlier it issued 13,342,095 units of shares to depositors of Employee Provident Fund and employees of promoter companies and Lender Company. The company will issue shares to locals of affected area in the third phase.

ICRA Nepal has assigned grade 4 rating to the IPO indicating below average fundamentals. The company has appointed Siddhartha Capital as its issue manager.

Sanjen Hydropower

Similarly, Sanjen Hydropower is set to issue 5,475,000 units of shares worth Rs 547.5 million to the general public. Earlier the company issued 7,117,500 units of shares to depositors of EPF. The company will issue 3,650,000 units of shares to local of affected area in the third phase.

The company has appointed Citizens Investment Trust as its issue manager. The IPO has been assigned grade 4+ by ICRA Nepal which indicates below average fundamentals.

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