Last day for Foreign Migrated Workers to apply for IPO of Sanima Middle Tamor Hydropower; Deadline Extended for Locals of Affected Areas

Feb 01, 2023 09:44 AM Merolagani

Sanima Middle Tamor Hydropower is closing its ongoing initial public offering (IPO) issue for the foreign migrated workers of Nepal by the end of office hours today.  

In the meantime, it has extended the deadline for locals of the affected area till February 16.

The company is issuing the IPO to locals of affected areas and foreign migrated workers of Nepal from January 18.

The company is issuing 10 percent shares of its issued capital which is 3,332,500 units of shares worth Rs 333.2 million to locals of the affected area. Out of which,40 percent i.e. 1,333,000 units will be issued to ward no 1,2,9 and 10 of Fungling Municipality, ward no 1 of Fuctanglung Rural municipality, ward no 1 and 2 of Bhikkakhola Rural municipality, ward no 2 and 3 of Maringden Rural municipality, ward no 5 of Aathrai Tribeni Rural municipality and ward no 1 of Maiwakhola Rural municipality. Similarly, it will issue the remaining 60 percent i.e. 1,999,500 to residents of Taplejung District.

Moreover, the company is issuing 10 percent of shares allocated to the general public i.e. 4,998,750 units to legal foreign migrated workers.

Interested investors can apply for a minimum of 10 and a maximum of 20,000 units of shares.

Care Ratings Nepal has assigned BB rating to the issue indicating huge risk.

The company has appointed Sanima Capital as issue manager. The locals can apply from hydropower’s office, SAnima Bank, Laxmi Bank, Global IME Bank and Sunrise Bank by paying Rs 2 per form.

Similarly, the foreign migrated workers can apply from all ASBA approved BFIs.

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