Super Madi Hydropower Limited issued around 17,43,000 Units of IPO shares to the general public on the 9th of Magh. After combining with the Seti River, the Madi River becomes one of the main tributaries of the Narayani River in the Gandaki basin. The proposed project has a 44MW installed capacity, a 18m3/sec design discharge, and a 295m net head. The company had already released its offer letter to issue an IPO for the general public.
Notice Date: February 1, 2023
As per the sources, Super Madi Hydropower Limited has issued an IPO with a Face value of Rs 100. The company has expected that this IPO will bring in Rs 17.43 Crore. The IPO was decided to be closed on the 12th of Magh, 2079. However, the date was expected to be extended till Magh 23.
More about Super Madi Hydropower Limited issued 17,43,000 Units of IPO shares to the general public on the 9th of Magh.
Of the total 21,00,000 units, 10%, or 210,000 units, have already been made available and given to Nepalese citizens employed overseas. The corporation has reserved 2%, or 42,000 units, for its staff. Mutual funds will receive 105,000 units or 5% of the total shares offered. The remaining 17,43,000 units will be distributed to the general population. The company’s paid-up capital will be Rs. 2.10 Arba once the IPO is released.
Before this, the business gave away 10,50,000 shares worth Rs. 10.50 crore to locals affected by the project and 210,000 units of shares to Nepalese nationals working overseas. The promoter owners own 85% of the company’s shares in total.
For this IPO, Sanima Capital Ltd. is the issue manager. An application may ask for as few as ten units or as many as 50,000 units. ICRA Nepal has given Super Madi Hydropower Limited an Issuer Rating of [ICRANP-IR] BB (pronounced ICRA NP issuer rating double B). For issuers with this grade, there is a slight risk of default due to the rapid servicing of financial obligations.
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