KATHMANDU, May 26 : Snow Rivers Limited has completed the allotment of its initial public offering (IPO), with 77,812 applicants receiving 10 shares each.
According to Sanima Capital's issue and sales manager, a total of 2.557 million applicants applied for 274.57 million shares.
Investors can check the IPO results through the official websites of Mero Share and CDSC, according to the company.
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The company had issued 778,125 shares worth Rs 77.81 million to the general public in the second phase after distributing shares to project-affected locals and Nepali migrant workers employed abroad.
Snow Rivers had received approval to issue 1.875 million shares worth Rs 187.5 million, equivalent to 20 percent of its issued capital of Rs 937.5 million.
The company distributed 468,750 shares each to highly affected locals of Sirijangha Rural Municipality-8 in Taplejung and residents of other affected areas including Sirijangha-1 to 7, Sidhingwa-5 and 6, Pathibhara Yangwarak-5 and 6, and Hilihang-1 of Panchthar district.
Similarly, 93,750 shares were allocated to Nepali migrant workers abroad.
ICRA Nepal has assigned the company an issuer rating of [ICRANP-IR] Double B Plus, indicating a moderate risk in the company’s ability to meet its financial obligations.
Snow Rivers operates the 13.5 MW Super Kabeli Khola A Hydropower Project, which has a total estimated cost of Rs 2.71 billion.
According to the company’s prospectus, its earnings per share stood at Rs 4.98 and net worth per share at Rs 107.46 as of mid-January in the current fiscal year. The company has also reported retained earnings of Rs 55.9 million.
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