Shiva Shree Hydro Allots IPO

Dec 10, 2019 12:55 PM Merolagani

Shiva Shree Hydropower Company has allotted initial public offering on Tuesday, December 10. As per the issue manager, Siddhartha Capital all valid applicants have been provided desired number of shares.

Although, the issue manager is yet to publish the allotment result.

The issue was undersubscribed, after which, dispute aroused between the company and issue manager. The issue manager blamed that the company hide important information following which allotment of IPO was delayed.

However, Securities Board of Nepal (SEBON) directed the issue manager to allot the IPO.

Earlier, the company issued 3,351,140 units of primary shares including 1,136,540 unit unsubscribed shares by local of affected areas to the general public from October 3- November 1.

ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.


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