The IPO of Upper Tamakoshi Hydropower Project is set to be dispensed from Today. The Dispensation will started at 3PM at Crystal Banquet, Babarmahal. The issue Manager for UTHPL IPO is Citizens Investment Trust.
From the initial application, about 6,000 double applicants have been seen in the issue. The double applications was assumed to be around 12,000 applications where 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.