Snow Rivers Limited has opened its Initial Public Offering (IPO) from today (Monday).
The company is issuing shares in the first phase to project-affected local residents and Nepalis working abroad.
The company had received approval to issue 20% of its total issued capital of NPR 93.75 crore, equivalent to NPR 18.75 crore, totaling 1.875 million shares.
Out of this, shares worth NPR 9.375 crore (937,500 units at NPR 100 per share) are being issued to local residents of the project-affected areas.
Among these:
468,750 shares are allocated to residents of Ward No. 8 of Sirijanga Rural Municipality in Taplejung (highly affected area).
Another 468,750 shares are allocated to residents of Wards 1–7 of Sirijanga Rural Municipality, Wards 5 and 6 of Sidingwa Rural Municipality, Wards 5 and 6 of Pathibhara Yangwarak Rural Municipality, and Ward No. 1 of Hilihang Rural Municipality in Panchthar.
Additionally, 10% of the shares allocated for the general public—93,750 units worth NPR 9.375 million—have been reserved for Nepalis working abroad with valid labor approval.
Investors must apply for a minimum of 10 shares. Local residents can apply for up to 10,000 shares, while Nepalis working abroad can apply for up to 1,000 shares.
The IPO for local residents will close at the earliest on Chaitra 23 and at the latest on Baisakh 8. Nepalis working abroad can apply until Chaitra 12, with a possible extension to Chaitra 23 if not fully subscribed.
The company has received an ‘ICRA NP Issuer Rating Double B Plus’ from ICRA Nepal, indicating a moderate level of risk in meeting its financial obligations.
The issue manager for the IPO is Sanima Capital Limited.
Local residents can apply through the issue manager, project site, Yamphudin, Nepal Bank’s Sirijanga branch, as well as branches of NMB Bank, Sanima Bank, and Global IME Bank in Phungling.
Nepalis working abroad can apply through C-ASBA system via banks and financial institutions approved by the Securities Board of Nepal.
About the Author
