Pure Energy Limited is issuing 11,95,200 unit IPO shares at a par value of Rs. 100 from today, 28th Chaitra, 2081. The early closing date of this issue is the 2nd Baisakh, 2082, and if the issue is not fully subscribed, it can be extended up to the 11th Baisakh,2082.

The company has an issued capital of Rs. 80 Crore, of which 2% (1,60,000 unit shares worth Rs. 1.60 Crore) was allocated to project-affected locals of the Banke District. Meanwhile, 18% of the issued capital, equivalent to 14,40,000 unit shares, will be offered to the general public starting from 28th Chaitra. Out of this public issue, 10% (1,44,000 unit shares) was allocated to Nepalese citizens working abroad.

Out of the total 14,40,000 units, 72,000 (i.e., 5% of 14,40,000) have been set aside for mutual funds, and 28,800 (i.e., 2% of 14,40,000) units have been set aside for the employees of the company. The remaining 11,95,200 units are for the general public, the issue of which will open from today.

Nabil Investment Banking Limited is appointed as the issue manager. Applications can be placed for a minimum of 10 units and a maximum of 1,00,000 units.

CARE Ratings Nepal Limited (CRNL) has assigned an issuer rating of ‘CARE-NP BB+ (Is)’ to Pure Energy Limited (PEL). Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal. CRNL has also revised the rating assigned to long-term bank facilities of PEL to ‘CARE-NP BB+’ from ‘CARE-NP BB’.

Pure Energy Ltd (PEL) was established on June 19, 2018. It is backed by individual promoters associated with the Golyan group and REnergo Developers Pvt Ltd. The company's focus is on the establishment of a 20 MW grid-connected solar photovoltaic (PV) project in the Raniyapur Village Development Committee, located in the Banke district of Nepal. Both solar projects are currently in operation.