March 10: Sanima Middle Tamor Hydropower Limited is issuing its Initial Public Offering (IPO)  to the general public from Friday(March 10).  In the first phase, the hydropower company had issued IPO to the locals of the project-affected areas and district and Nepali citizens employed overseas.

Following the allotment of the shares issued in the first phase, the hydropower is issuing shares to the general public in the second phase. The company had set aside 15 per cent shares, i.e., 49,98,750 shares of issued capital of worth Rs 3,33,25,00000 to the general public. 

Of total shares set aside for the general public, ten percent shares, i.e. 4,99,875 units of shares were issued and allotted to the migrant workers. Likewise, five percent, i.e. 2,49,936 units of shares have been allotted to the mutual fund schemes.

The hydropower is selling as many as 42, 48,938 units of shares to the general public from Friday.Interest individuals can apply for a minimum of 10 and a maximum of 20,000 units of shares. If fully subscribed, the offering will close on March. If the IPO remains under-subscribed, the deadline to apply will extend until March 24. 

Sanima Capital Limited is the issue and sales manager. Interested individuals can apply for the IPO from all C-ASBA approved banks and financial institutions by Securities Board of Nepal (SEBON). One can also for the IPO through MeroShare.

Sanima Middle Tamor is constructing Middle Tamor Hydropower Project with the installed capacity of 73 megawatt in Taplejung district. The company is issuing IPO to collect the money for the under-construction project.

The total estimated cost for the hydropower project is Rs 13.33 billion. The company’s estimated per megawatt cost is over Rs 183.26 million. More than 74 percent work of the hydropower project has been completed so far.