Pure Energy Limited is launching an initial public offering of 11,95,200 shares at a nominal value of Rs. 100 starting today, 28th Chaitra, 2081. The closing date for this offering is set for the 2nd Baisakh, 2082; however, should the allocation not be fully subscribed, it may be extended until the 11th Baisakh, 2082.
The company’s issued capital totals Rs. 80 Crore, with 2% (1,60,000 shares valued at Rs. 1.60 Crore) designated for locals affected by projects in the Banke District. Additionally, 18% of the total capital, or 14,40,000 shares, is available to the general populace beginning today, 28th Chaitra. From this public offering, 10% (1,44,000 shares) is reserved for Nepali citizens working internationally.
From the entire allocation of 14,40,000 shares, 72,000 (equivalent to 5% of 14,40,000) are earmarked for mutual funds, while 28,800 (or 2% of 14,40,000) shares have been set aside for the company’s employees. The remaining 11,95,200 shares are open to the general public, with the offering commencing today.
Nabil Investment Banking Limited has been appointed as the issue manager. Investors can apply for a minimum of 10 shares and a maximum of 1,00,000 shares.
CARE Ratings Nepal Limited (CRNL) has granted Pure Energy Limited (PEL) an issuer rating of ‘CARE-NP BB+ (Is)’. Issuers with this rating are regarded as presenting a moderate risk of default concerning timely financial obligations in Nepal. Furthermore, CRNL has upgraded the rating for PEL’s long-term banking facilities from ‘CARE-NP BB’ to ‘CARE-NP BB+’.
Pure Energy Ltd (PEL) was founded on June 19, 2018. It is supported by individual promoters linked to the Golyan group and REnergo Developers Pvt Ltd. The company’s primary aim is to develop a 20 MW grid-connected solar photovoltaic (PV) initiative in the Raniyapur Village Development Committee situated in Banke district, Nepal. Both solar ventures are currently operational.
