IPO Issue of Taksar Pikhuwa Khola Hydropower Limited Closing Today; Oversubscribed 11.45 Times So Far

Taksar Pikhuwa Khola Hydropower Limited is closing the issue of 25,15,455 units of IPO shares at a par value of Rs 100 from today, i.e., 28th Baishakh, 2083. The issue was opened for the general public on 23rd Baishakh, 2083.

The issued capital of the company is Rs. 1.20 arba. Of this, 35.26%, i.e., 42,30,668 unit shares, will be issued to the public. Out of the total issue capital, 10%, which amounts to 12,00,000 unit shares worth Rs. 12 Crores, were allotted to project-affected locals of Bhojpur district. The remaining 25.26% of the issued capital, i.e., 30,30,668 unit shares, will be offered to the general public. Of this general public issue, 10%, a total of 3,03,067 unit shares, were allotted to Nepalese citizens working abroad.

Of the general public issue, 2%, i.e., 60,613 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 1,51,533 units, have been reserved for mutual funds. The remaining 25,15,455 units will be issued for the general public and will closed from today.

Prabhu Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.

According to CDSC, 26,04,910 applicants have applied for 2,88,11,980 units. Thus, the issue has been oversubscribed 11.45 times.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of `CARE-NP BB+ (Is)’ assigned to Taksar Pikhuwa Khola Hydropower Limited (TPKH). Issuers with this rating are considered to offer a moderate risk of default regarding the timely servicing of financial obligations in Nepal.

Taksar Pikhuwa Khola Hydro Power Limited (TPKH) is a public company, incorporated on April 23, 2014, as a private company, which was converted into a public limited company on September 29, 2021. It is promoted by individual promoters from different backgrounds for setting up of an 8 MW run- of-river, Taksar Pikhuwa Khola Hydropower Project (TPKHP) in Bhojpur district of Nepal.