Upper Tamakoshi’s IPO oversubscribes by 4 times; More than 3.25 lakh applicants applied for 6.25 crore units

Tue, Nov 6, 2018 1:36 PM on IPO/FPO News, Latest, Stock Market,
Upper Tama...

Upper Tamakoshi’s IPO has received 3,25,225 applications for 6,25,53,099 unit shares till the last day.

As per the information provided by the issue manager, the IPO issue has been oversubscribed by 4 times. The hydropower company has been issuing 1,58,85,000 unit shares for the general public.

With respect to the number of applicants, the applicants are sure not to receive even 50 units of the shares.

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.

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