Upper Tamakoshi’s iPO set to be allotted on Mangsir 11; About 6,000 double applications seen in initial verification
Fri, Nov 23, 2018 1:20 PM on IPO/FPO News, Latest, Stock Market,
The IPO of Upper Tamakoshi Hydropower Project is set to be allotted on Mangsir 11, 2075. As per the issue manager, the delay has been caused due to the high number of double applications.
From the initial verification, about 6,000 double applications have been seen in the issue. Previously, the number of double applications was assumed to be around 12,000 applications. The valid applicants are sure to get more than 40 units shares.
About 3.45 lakh applicants have applied for more than 6.70 crore units of the company. Citizen Investment Trust and Sunrise Capital have been appointed as the issue manager for the IPO issuance. The hydropower company had floated 1,58,85,000 unit shares for the general public i.e. 15% of their paid up capital.
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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