Sanigad Hydro Limited opens IPO from today for project-affected locals and Nepalis working abroad 📈

Sanigad Hydro Limited has opened its Initial Public Offering (IPO) from today (Chaitra 8) for project-affected locals and Nepali citizens working abroad. The company received approval to issue 8.55 million shares worth Rs 855 million, which is 30 percent of its issued capital of Rs 2.85 billion. Out of the total shares, 2.85 million units have been allocated for residents of the project-affected areas, while 570,000 shares have been reserved for Nepalis employed overseas. The company is developing the 38.46-MW Upper Kalangagad Hydropower Project. In the IPO rating, ICRA Nepal has assigned a Double B-minus rating, indicating moderate risk. The issue manager for the IPO is Laxmi Sunrise Capital Limited, and Nepalis working abroad can apply through the C-ASBA system after obtaining approval from the Securities Board of Nepal.