The IPO allotment of Sahas Urja Limited is concluded today at the office of issue manager NIBL Ace Capital Limited, Lazimpat.
Sahas Urja Limited had issued 70,00,000 units worth Rs 70 crore as Initial Public Offering to the general public from (Ashwin 6-10, 2078).
Out of the offered 70,00,000 units; 3% of the total offered shares to the general public i.e. 2,10,000 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 3,50,000 units have been set aside for the mutual funds. The remaining 64,40,000 units are for the general public.
The company has issued a total of 1.05 crore unit shares to the locals and the general public via IPO in multiple phases. The first phase of the IPO is already issued and allotted to the locals of the project affected area.
The issue had received applications from 23,83,460 valid applicants who had applied for a total of 3,13,61,230 units. The issue was oversubscribed by more than 4.51 times.
As per the allotment module, a total of 6,44,000 applicants were allotted 10 units each via lottery, and the remaining 17,39,460 applicants were returned empty hands.
A total of 2,10,000 units were allotted to the staff of the company and 3,50,000 units were allotted to the mutual funds.
In total 11,996 applicants who applied for 1,79,770 units were disqualified.
After the issuance of shares to locals and the general public; the company’s paid-up capital will be Rs 3.50 arba and public and promoter shares holding will be 70:30.
ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Sahas Urja Limited (Sahas).
The Solu Khola project is the biggest hydro project in Nepal promoted by the private power producers and is being built with a total estimated cost of Rs 11.86 Arba where NIBL led a consortium of nine banks that have lent Rs 8.65 Arba.
Incorporated in February 2014 as a private limited company, Sahas Urja Limited (Sahas) was converted to a public limited company in September 2014 to facilitate public participation. The paid-up capital of the company as of mid-July 2020 was NPR 2,450 million. The major promoters include Mr. Mahendra Kumar Giri (2.29% stake), Mr. Sushil Thapa (2.11%), Ms. Anupama Thapa (2.04%), and Mr. Him Prasad Pathak (1.94%), among others. The company plans to raise NPR 1,050 million, i.e. 30% of the total equity from general shareholders, through the proposed IPO issue. It is developing an 86-MW Solu Khola (Dudh Koshi) HEP in Solukhumbu District, Province 1 of Nepal. The project is a run-of-the-river (R-o-R) type and is being developed at a 40.70% probability of exceedance (Q40.70).