IPO of Universal Power Company under-subscribed till today; Issue extended till Magh 06

Universal Power Company Limited had opened an IPO issue for 21,00,350 unit shares at Rs 100 per share to the locals of Dolkha district from Poush 15 till Poush 29,2075 i.e today.

Siddhartha Capital Limited has been appointed as the issue manager for the IPO issuance.

According to the officials at privy, a total of 963 applications were received applying for a total of 95,550 unit shares of Rs 95 lakh 55 thousand. The collected amount caters only 4.5% subscription of the whole issue. Since the issue has been under-subscribed, the application period has been extended and interested applicants can apply till Magh 06, 2075.

Interested applicants can apply for minimum 50 units and maximum 5 lakh units of the shares.

The interested locals of Dolkha district can collect and submit the application in the following banks:

• Himalayan Bank, Gaurishankar Branch
• Mahalaxmi Bikas Bank, Charikot Branch
• NIC Asia Bank, Charikot Branch
• Siddhartha Bank, Charikot Branch
• Sindhu Bikas Bank, Mude Branch
• Sindhu Bikas Bank, Charikot Branch
• Sindhu Bikas Bank, Singati Branch

After the issuance of IPO for locals, the hydropower company will be issuing 75,61,260 unit shares for the general public which will take its capital 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.