Suryakund Hydro Electric Limited has received approval from the Securities Board of Nepal (SEBON) to issue an Initial Public Offering (IPO) for the general public.
The board has authorized the company to raise Rs. 13.79 crore by issuing 13,79,350 shares to the public. Kumari Capital Limited has been appointed as the IPO issue and sales manager.
The company plans to issue the IPO to both local residents affected by the project and the general public. Currently, 80% of the shares are held by the founders, while the IPO will make 20% of the company’s shares available to the public.
Suryakund Hydro Electric operates an 11 MW Upper Tadi Khola Hydropower Project in Nuwakot district, which is already generating and selling electricity.