Sahas Urja Limited Upcoming IPO Share in Nepal

Sahas Urja Limited

Upcoming IPO Share

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Sahas Urja Limited (For Local and Public):

Sector: Hydropower
No of Share Registered: 3,50,00,000 @100
Public Issue Size: 1,05,00,000 (30%)
Promoter Share Registered: 2,45,00,000 (70%)
Issue Manager: NIBL Ace Capital Limited
Date of Approved: 2078/04/14
IPO for Public (Local): 3500000
IPO for General Public: 7000000

3% for Staff: 2,10,000
5% for Mutual Fund Scheme: 3,50,000

Sahas Urja Limited, the developer of the 86 MW Solu Khola Dudh Koshi hydro project will be issuing 70,00,000 units worth Rs 70 crore as Initial Public Offering to the general public from (Ashwin 6-10, 2078). The early closing date of this issue is on Ashwin 10 and if the issue is not fully subscribed till Ashwin 10, then it can be extended up to Ashwin 20, 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.

Applications can be placed for a minimum of 10 units and a maximum of 10,50,000 units. NIBL Ace Capital Limited has been appointed as the issue manager for the IPO issuance. The company has proposed to issue 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.

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.

About Sahas Urja Limited:

Sahas Urja Limited (SUL) was established on Magh, 2070 B.S as a private limited company. Later, on Bhadra 2071 B.S, the company converted into a public limited company. Sahas Urja is constructing an 86 MW Solu Khola (Dudhkoshi) Hydropower Project. It is a Run Of River (RoR) type of project located at Solududhkunda Municipality & Thulung Dudh Koshi Gaupalika, Solukhumbhu District.

The project will generate 520.20 GWh of electricity annually. In the dry season, the electricity production will amount to 100.27 GWh while in the wet season, the project will generate 419.93 GWh electricity. The generated electricity will connect to the national transmission line through the NEA sub-station at Lammane, Tingla, Solu. The company has already signed a Power Purchase Agreement (PPA) with Nepal Electricity Authority (NEA). The financing for the project will be led by Nepal Investment Bank (NIBL) along with 10 other banks and investment companies as consortium members. The estimated total cost of the project is Rs 11.86 billion.