Upper Solu Hydro Electric Company IPO Collects Rs. 1.73 Arba From 15.18 Lakhs Applicants Till Last Day; IPO Oversubscribed by More Than 9.53 Times

Upper Solu Hydro Electric Company Limited (USHEC) had issued 18,20,475 units shares worth Rs. 18.20 crores to the general public as a part of their Initial Public Offering (IPO) from Ashad 20 till today i.e 23rd Ashad, 2079.

Out of the offered 19,57,500 units; 2% of the total offered shares to the general public i.e. 39,150 units have been set aside for the employees of the company and 5% of the total offered shares to the general public i.e. 97,875 units have been set aside for the mutual funds. The remaining 18,20,475 units were for the general public. This is the 14.5% shares of the issued capital.

According to CDSC, 15,18,531 applicants have applied for a total of 1,73,59,760 units worth Rs. 1.73 Arba. Thus, the IPO was oversubscribed by more than 9.53 times in terms of number of units through ordinary applicants as of 5 PM today.

NMB Capital Limited was appointed as the issue manager for the IPO issuance. Interested investors could apply for a minimum of 10 units and a maximum of 1,00,000 units.

ICRA Nepal has reaffirmed an issuer rating of [ICRANP-IR] BB+ (pronounced ICRA NP issuer rating double B plus) to Upper Solu Hydro Electric Company Limited (USHEC or the company). Issuers with this rating are considered to have a moderate risk of default regarding timely servicing of financial obligations.