Last Day to Apply for Locals IPO of Upper Hewakhola Hydropower (UHKHCL); Issue Already Oversubscribed

Upper Hewakhola Hydropower Company Limited (UHKHCL) is concluding its IPO issue for the project-affected locals of Sankhuwasabha District today at the end of banking hours.

The company has been issuing 5,00,000 shares at a par value of Rs. 100 per share for the project affected locals from 10th Jestha and will conclude today i.e 24th Jestha. This is 10% of the company's total paid-up capital of Rs. 50 crores.

NMB Capital is appointed as the issue manager for the IPO issuance.The interested locals can place their applications for a minimum of 10 units and a maximum of 1,00,000 units.

As per the CDSC, the issue has collected Rs 6.55 crore from approx 4996 applicants till today morning. Which means that the issue has already been oversubscribed by 1.31 times.

Care Ratings Nepal Limited (CRNL) has revised the issuer rating assigned to UHKHCL to ‘CARE-NP BB (Is)’. Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations in Nepal.

Upper Hewakhola Hydropower Company Ltd. (UHKHCL) is a public company, incorporated as on March 13, 2012 as Upper Hewakhola Hydropower Pvt. Ltd. Later on, it converted to a public company on June 6, 2018. It is promoted by institutional as well as individual promoters from different backgrounds for setting up of an 8.5 MW run-of-river Upper Hewakhola Small Hydropower Project under BOOT (Build, Own, Operate and Transfer) model located at Sankhuwasabha district of Nepal.

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