Shuvam Power has released a notice regarding its IPO Allotment. 48,188 Applicants Receive 10 Units Each Through a Lottery System. Shuvan Power Limited has published the IPO allotment, completed at Muktinath Capital Limited’s offices.

Notice Date: February 13, 2023

On December 29, 2015, Shuvam Power Ltd., a public limited company, was founded. SPL has been running the 0.99 MW run-of-the-river Lower Piluwa Khola Small Hydroelectric Project (LPKHP), situated in the Sankhuwasabha District, since July 17, 2011. The company was granted a generation license by the government of Nepal’s Ministry of Energy on April 15, 2008.

CARE Ratings Nepal Ltd has given Shuvam Power Ltd the issuer rating of “CARE-NP BB+ (Is)” (CRNL). It is believed that issuers with this grade have a low chance of failing to make timely debt payments in Nepal.

Shuvam Power's IPO Allotment 48,188 Applicants Receive 10 Units Each Through a Lottery System

More about Shuvam Power’s IPO Allotment: 48,188 Applicants Receive 10 Units Each Through a Lottery System

Shuvam Power Limited (SHUVAM) sold 4,81,882 units in its Initial Public Offering (IPO) to the general public for a total of Rs. 4.81 crores (Magh 18-22, 2079). Of the total 580,580 units, 10%, or 58,058 units, have already been released and distributed to Nepalese citizens who live and work overseas—the allocation module states. Through a lottery, 48,188 applicants received ten units, and an additional 1 unit was distributed to 2 applications. The 12,27,233 other candidates received nothing. Mutual funds received 29,030 units. At the same time, 11,610 units were distributed to the staff.

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To release 580,580 units altogether for general consumption. The remaining 180,580 units increase the 400,000 units of unsubscribed shares. 80% of the claims are allocated to the general public, then. Following the IPO, the promoter-public share ratio would be 70:30, and the company’s total capital would increase to Rs 20 crore. Eleven thousand six hundred ten units, or 2%, have been reserved for company employees. Mutual funds have been allocated 5%, or 29,030 units, of the total, offered shares. Of the remaining units, 4,81,882 are accessible to the general public.

The company wants to raise Rs. 4.81 crores through this IPO. Applications for the issue were submitted by 12,75,421 eligible people, requesting a total of 1,38,47,570 units. Copies of the case were ordered more than 28.74 times than they could be found.

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