Get ready to make your investment; Upper Tamakoshi’s 1.58 crore unit IPO floats from today
Thu, Nov 1, 2018 7:10 AM on IPO/FPO News, Stock Market, Latest,
The much awaited IPO of Upper Tamakoshi Hydropower Limited will be floated for the general public from today.
Citizen Investment Trust and Sunrise Capital have been appointed as the issue manager for the IPO issuance.
Previously, the hydropower company had issued and allocated 24% shares to the members of Employee Provident Fund, Employees of the institutions providing the loans and employees of Nepal Electricity Authority. It has issued 2.53 crore unit shares worth Rs 2.53 arba in the previous issue.
Furthermore, The hydropower company had already issued 1,05,90,000 units IPO worth Rs 1.05 arba which is 10% of the capital, to the project affected locals of Dolakha District. The issue was over-subscribed by more than 1.79 times.
Now, the company will be issuing 15% shares of their total paid-up capital i.e. Rs 10.59 arba to the general public. UTHPL will be floating 1,58,85,000 unit shares for the general public from 15th Kartik 2075.
The investor has to place an order for a minimum of 50 kitta and at max can place an order for the 1000 kitta.
The majority share (51%) of Upper Tamakoshi has been held by four public entities, namely, Nepal Electricity Authority (NEA), Nepal Telecom (NTC), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan (RBS). NEA has a 41% stake, NTC has 6% and CIT & RBS each has 2% stake in the Company. Similarly, general public and residents of Dolakha District will have 15% and 10% share respectively. The remaining 24% share is being taken over by contributors in Employees Provident Fund (EPF), NEA & Companys staffs and staffs of financial institutions providing loans.
ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.
It has been constructing 456-MW hydropower project. It has paid-up capital of Rs 10.59 billion. It is the largest capacity hydropower project in the country and it has 8.4 km longest tunnel which has been constructed so far.
Other important articles of Upper Tamakoshi Hydropower are
Allotment of 1.05 Crore unit IPO to the locals of Dolakha District
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