Upper Tamakoshi Hydropower IPO added in SEBON pipeline; to issue 2.64 crore units IPO shares

Upper Tamakoshi Hydropower Limited will be floating 2.64 crore units Initial Public Offering (IPO) shares worth Rs 2.64 arba to the general public. The IPO has been added in the Securities Board of Nepal (SEBON)'s IPO pipeline for approval. Citizen Investment Trust and Sunrise Capital Limited has been assigned as the issue manager for the IPO. It will be issuing 1.58 crore unit (15%) IPO shares to general public and 1.05 crore unit (10%)  IPO shares to the local of project affected area. The majority share (51%) of Upper Tamakoshi has been hold by four public entities, namely, Nepal Electricity Authority (NEA), Nepal Telecom (NTC), Citizen Investment Trust (CIT) and Rastriya Beema Sansthan (RBS). NEA has 41% stake, NTC has 6% and CIT & RBS each has 2% stake in the Company. The company had issued its shares to the staff of Nepal Electricity Authority (NEA), UTKPL, lending institutions and the depositors of Employees Provident Fund (EPF) in the first phase. The IPO of the Upper Tamakoshi will be the biggest in the capital market of the Nepal in terms of volume of shares. it has been constructing 456-MW hydropower project. It has paid-up capital of Rs 10.59 billion. The tunnel of hydropower project was completed yesterday after almost five years since the construction started in 2011. It is the largest capacity hydropower project in the country and it has 8.4 km longest tunnel which has been constructed so far. The project was started in 2011, it was supposed to have been completed by mid-July 2016 as it was affected due to the earthquake of April 2015 and the fuel crisis, the project was badly affected. The country’s largest hydropower project is located 68km from Charikot, the district headquarters of Dolkha.