Trishuli Jal Vidhyut IPO already oversubscribed by 10 times; issue to be closed tomorrow after banking hour

Sun, Mar 24, 2019 7:15 AM on IPO/FPO News, Stock Market, Latest,

Trisuli Jal Vidhyut Company Limited is issuing 3,705,000 units IPO shares worth Rs.37.05 Crore to the general public from today (Chaitra 7, 2075).

The issued capital of the company is Rs 2.47 Arba out of which company is issuing 15% shares to general public. Of the total 3,705,000 units; 3% shares i.e. 1,11,150 unit shares is reserved for employees and remaining 3,593,850 unit shares is issued to the general public.

Global IME Capital is the issue manager. As per the issue manager, the issue received applications from 82,022 applicants applying for a total of 36,143,770 units worth Rs 36.14 crore. The issue has been oversubscribed by 10.05 times till the 5:30 PM today (Chaitra 10, 2075).

No. of Applications Applied kitta Applied Amount (Rs.) Status
30,257 1,30,13,040 13,01,30,400 Unverified
51,765 2,31,30,730 23,13,07,300 Verified
1,561 11,75,950 1,17,59,500 Rejected
83,583 3,73,19,720 37,31,97,200 Total

The early closing date of this IPO issue is Chaitra 11, 2075 and if the issue is not subscribed till Chaitra 11 then this issue can be extended up to Baisakh 6, 2076. However, the issue is already oversubscribed now the issue will be closed tomorrow (Chaitra 11, 2075).

The par value of shares is Rs.100 and initial call amount is Rs.10. Applications can be place for minimum 100 units and maximum 10,000 units. Application can be placed from the financial institutions providing C-ASBA facility or through Meroshare.

Trisuli Jal Vidhyut Company Limited is the first company to issue Initial Public Offering (IPO) under the "Citizens' Hydropower Project" scheme introduced by the government lately. This scheme was introduced by the government to involve citizens' investment in hydro sector with an ambition to make all Nepalese shareholder of hydropower companies.

Under this provision, you can acquire shares by paying only 10% of the share value and the remaining 90% will be payable when the project is 75% complete.

Trisuli Jal Vidhyut Company Limited (TJVCL) is a public limited company established in 11th May 2011 to harness the hydropower potential of the country at a reasonable rate with the full utilization of the available national water resources.

The company is jointly formed by Nepal Electricity Authority (NEA) and Nepal Doorsanchar Company Limited (NDCL). The company is planning to develop Upper Trisuli 3B Hydropower Project (UT3BHEP) with installed capacity of 37 MW located in Nuwakot and Rashuwa District. UT3BHEP is a run-off-river (ROR) type cascade project of Upper Trisuli 3A HEP (60 MW) which lies in the Trisuli River.

The cost for the construction of the 37MW project is estimated to be Rs.8.22 Arba. Out of which the consortium (NABIL, HIDCL and Nepal Bank) will provide 70% i.e. Rs.5.76 Arba for the project.