Upper Tamakoshi IPO Allotment might take two more weeks

June 4: The allotment of shares in the Initial Public Offering of Upper Tamakoshi Hydropower Limited (UTKHPL) might take two more weeks.

SEBON rules require the allotments to take place within 40 days after the IPOs close. But in case of IPOs that receive more than 2 lakh applications, companies are given maximum 60 days to announce the allotment. Upper Tamakoshi IPO ended on Chaitra 15 and the IPO is already past its allotment deadline.

Sushil Kumar Aryal, Deputy CEO of Citizen Investment Trust (CIT), the issue manager for the IPO, had earlier said that the allotment of shares of the Initial Public Offering of Upper Tamakoshi is likely to take place within this week but it did not happen so.

An official with NCM Merchant Banking, co-issue manager for the IPO, said that that the allotment might take 1-2 weeks more as they have not got the permission from the SEBON yet.

Upper Tamakoshi Hydropower Limited (UTKHPL) had floated Initial Public Offering (IPO) for the staff of lending institutions from Falgun 11. The IPO was supposed to close on Falgun 25 but it was extended till Chaitra 15.

The 456-megawatt hydropower company has allocated 10.59 million units of shares to the locals of Dolakha, 18,299,520 units to the depositors of the EPF (as of July 30, 2010) and 3,049,920 units to the staff of lending institutions and 4,066,560 units to the staffs of UTHPL and its largest promoter NEA.

Upper Tamakoshi Hydropower IPO is managed by Citizen Investment Trust and NCM Merchant Banking.

Source : Share Sansar