Universal Power collects application for 2.99 lakh units in IPO till today; Unsubscribed shares to be floated for general public

Universal Power Company Limited is issuing 21,00,350 unit shares at Rs 100 per share as Initial Public Offering (IPO) to the locals of Dolkha district till Magh 13, 2075.

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

According to the officials at Siddhartha Capital, a total of 3,544 applications have been received applying for 2,99,102 unit shares. Since the issue has already been extended it can't be further extended from Magh 13, 2075 even if the issue goes undersubscribed.

Hence, the unsubscribed will be added to the IPO that will be issued for General Public afterward.

The issue is open for two more days, so the 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.