Universal Power Company extends 21 lakh unit IPO issue for locals till Magh 13; Applications can be placed for minimum 50 units

Universal Power Company Limited has extended the issue of 21,00,350 unit shares at Rs 100 per share as Initial Public Offering to the locals of Dolkha district till Magh 13, 2075.

Interested applicants can apply for minimum 50 units and maximum 5 lakh units of the shares.

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

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.