IPO for General Public: Upper Lohore Hydropower Company To Issue 19,53,279 Unit IPO Shares from Shrawan 18
Thu, Jul 27, 2023 8:02 AM on Latest, IPO/FPO News,
Upper Lohore Hydropower Company Limited has published an offer letter to issue its Initial Public Offering (IPO) to the general public.
The company will be issuing 19,53,279 unit shares of Rs 100 face value from 18th Shrawan, 2080. The company intends to collect Rs 19.53 crore from this IPO. The early closing date of this issue is on the 22nd Shrawan and if the issue is not fully subscribed, it can be extended up to the 32nd Shrawan, 2080.
Earlier, the company had issued 509,804 unit shares worth Rs. 5.09 crores to the project-affected locals of Dailekh District out of which only 206,760 units or 40.55% were allotted to valid applicants. Thus, the remaining 303,044 units of unsubscribed shares of project-affected locals are added to 19,88,236 units (39% of the issued capital which is reserved for the general public) to make a total of 22,91,280 units for the general public.
Out of the total 22,91,280 units; 10% i.e. 198,824 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 99,412 units have been set aside for the mutual funds while 2% i.e 39,765 units have been set aside for the employees of the company. The remaining 19,53,279 units are for the general public. The paid-up capital of the company will reach Rs. 19.53 Crores after the IPO issuance.
Overall, 51% of shares are of the promoter shareholders in the company.
NIC Asia Capital Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 25,000 units.
CRNL has assigned a ‘CARE-NP BB- (Is)’ rating to Upper Lohore Khola Hydropower Company Limited (ULKH). Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.
Upper Lohore Hydropower Company Limited was established on November 10, 2017, as a private limited company. Later, the company was converted into a public limited company. The company is developing an Upper Lohare Hydropower Project in the Dailekh district. The project is a run-of-the-river type project with an installed capacity of 4MW.
