Upper Tamakoshi’s IPO for locals collect over Rs 72 crore till Shrawan 22; Issue still short by 32 percent

Wed, Aug 8, 2018 10:17 PM on IPO/FPO News, Latest, Stock Market,
Upper Tama...

It has been a week since the IPO issuance of Upper Tamakoshi has opened for the locals of Dolakha district. Till Shrawan 22, the issue was able to collect over Rs 72 crore from more than 32,000 applicants. The issue is still short by about Rs 33.90 crore.

The issue will last until Bhadra 14, 2075. The hydropower company is issuing 1,05,90,000 unit shares for the locals of Dolakha district which is 10% of the capital.

The hydropower company has issued the shares to collect Rs 1.05 arba from the locals of the project affected area.

Citizens Investment Trust and Sunrise Capital have been appointed as the issue managers for the IPO issue. The application forms are available for download on the website of Sunrise Capital Limited.

ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

The minimum applications can be placed for 30 units and maximum for 300 units. The locals need to apply by filling the forms and submitting it to the designated collection centers.

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 recently after almost five years since the construction started in 2011. The estimated cost of the project was Rs 35.39 arba, however based on latest information it has increased to Rs. 49 arba. It is the largest capacity hydropower project in the country and it has 8.4 km longest tunnel which has been constructed so far.