Upper Tamakoshi's IPO for public closes today; IPO already oversubscribed by 2.5 times
Mon, Nov 5, 2018 6:51 AM on IPO/FPO News, Stock Market, Featured,
The Initial Public Offering (IPO) of Upper Tamakoshi Hydropower Limited for the general public closes today.
The hydropower company has been issuing 1,58,85,000 unit shares for the general public. Till the 3rd day, applications have been received for more than Rs 4 arba from 2.05 lakh applicants.
Citizen Investment Trust and Sunrise Capital have been appointed as the issue manager for the IPO issuance.
Previously, the hydropower company had issued and allocated 24% shares to the members of Employee Provident Fund, Employees of the institutions providing the loans and employees of Nepal Electricity Authority. It has issued 2.53 crore unit shares worth Rs 2.53 arba in the previous issue.
ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.
It has been constructing 456-MW hydropower project. It has paid-up capital of Rs 10.59 billion. It is the largest capacity hydropower project in the country and it has 8.4 km longest tunnel which has been constructed so far.
Looking at the huge number of participants, it is better not to invest more than 60 units in the issue.
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