More than 1.07 lakh applications received till the 2nd day; Issue already oversubscribed by around 2 times

IPO of Upper Tamakoshi Hydropower has received applications for more than Rs 2 arba worth of shares.

As per the issue manager, more than 1.07 lakh applications have been received till the 2nd day.

The hydropower company has been issuing 1,58,85,000 unit shares for the general public.

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.

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.