IPO of Upper Solu Hydro Electric Company Oversubscribed Over 3.90 Times So Far

Upper Solu Hydro Electric Company Limited (USHEC) has been issuing its 18,20,475 unit IPO shares to the general public from 20th Ashad and will conclude on 23rd Ashad. If it is not fully subscribed the issue will be extended up till 2nd Shrawan, 2079.

Out of the offered 19,57,500 units; 2% of the total offered shares to the general public i.e. 39,150 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 97,875 units have been set aside for the mutual funds. The remaining 18,20,475 units are for the general public. This is the 14.5% shares of the issued capital.

According to CDSC, 6,07,107 applicants have applied for a total of 71,01,710 units. Thus, the issue is already oversubscribed by 3.90 times so far. This is the data as of 10 AM this morning.

NMB Capital Limited is appointed as the issue manager for the IPO issuance. Interested investors can apply for a minimum of 10 units and a maximum of 1,00,000 units.

ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Upper Solu Hydro Electric Company Limited (USHEC or the company). Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations.