Upper Tamakoshi's IPO for locals gets fully subscribed in 8 days; application submission open for 5 more days in Kathmandu

Upper Tamakoshi Hydropower company (UTHPL) 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.

According to the officials at privy, a total of 50,000 applications have been received till Shrawan 23, 2075 and the issue of Rs 105 crore has been fully subscribed on the 8th day. However the collection will be extended for a five more days in Kathmandu Valley centers and for the Dolakha district it will last till Bhadra 14, 2075.

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.

Upper Tamakoshi -- Nepal's dream project