Upper Tamakoshi’s IPO to get allotted within this week? Reports suggest high number of invalid applications

Upper Tamakoshi’s IPO are likely to be allotted within this week. The IPO for the general public was closed on Kartik 20, 2075 and it has been about 2 weeks since the closure.

As per the information provided by the issue manager, Sunrise Capital, the allotment will be most probably made within the end of this week.

The unverified data provided by the issue manager stated that, about 3.45 lakh applicants have applied for more than 6.70 crore units of the company. Reports have also been received that many invalid applications have been received due to which the valid investors might receive more units than previously expected.

Citizen Investment Trust and Sunrise Capital have been appointed as the issue manager for the IPO issuance.

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.