21 lakh units IPO issue of Universal Power Company receives application for 3 lakh units only;Company soon to issue a total of 93.6 lakh units to general public

Sun, Jan 27, 2019 1:06 PM on IPO/FPO News, Latest, Stock Market,

The IPO of Universal Power Company Limited for 21,00,350 unit shares at Rs 100 per share to the locals of Dolkha district has been closed today.

Siddhartha Capital Limited is the issue manager for the IPO issuance.

According to the officials at Siddhartha Capital, a total of 3,644 applications have been received applying for 3,05,180 unit shares only.

The unsubscribed units will be added to the IPO that will be issued for General Public afterward.

Therefore, the hydropower company will be issuing 75,61,260 unit shares for the general public along with the remaining 17,95,170 approx units from this issue.

Post issue the capital will reach to Rs 2.10 arba with 46% public shareholding.

ICRA Nepal has assigned Grade 4 rating to the IPO issue indicating below average fundamentals.

It is currently developing Tallo Khare Khola Hydropower Project which has installed capacity of 11 MW. The project is located at Dolakha District, Gaurishanker Rural Municipality, ward no-5, 6 and 8. The company owns generation license of the project.