Last Day To Apply For Three Star Hydropower's IPO; Issue Oversubscribed by 13.9 Times So Far
Fri, Jun 23, 2023 10:01 AM on IPO/FPO News, Latest,
Three Star Hydropower Limited is closing the issue of its 613,162 unit IPO shares of Rs 100 face value to the general public from today i.e. on 8th Ashad, 2080. The company intends to collect Rs 6.13 crore from this IPO. The issue opened on 5th Ashad, 2080.
Out of the total 738,750 units; 10% i.e. 73,875 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 36,938 units have been set aside for the mutual funds while 2% i.e 14,775 units have been set aside for the employees of the company. The remaining 613,162 units are for the general public. The paid-up capital of the company will reach Rs. 49.25 Crores after the IPO issuance.
Earlier, the company had issued 492,500 unit shares worth Rs. 4.92 crores to the project-affected locals of Khotang District and 73,875 unit shares to Nepalese citizens working abroad. Overall, 75% of shares are of the promoter shareholders in the company.
Himalayan Capital Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 50,000 units.
According to CDSC, 765,684 applicants have applied for a total of 85,26,350 units till yesterday evening. Thus, the issue is already oversubscribed by 13.9 times so far.
ICRA Nepal has assigned an issuer rating of Three Star Hydropower Limited to [ICRANP-IR] B- (pronounced ICRA NP issuer rating B minus). Issuers with this rating are considered to have a high risk of default regarding the timely servicing of financial obligations.
Three Star Hydropower Limited is a public company with its site located in Province 1, Haleshi Tuwachung Municipality, Khotang. This hydropower project was established back in 2072 BS. With a total capacity of 7.151 MW, this hydro project received Survey License on 2073.07.09 BS and Generation License on 2074.09.03 BS. Kumar Kharel, Mohan Karki, and Madhav Mainali; the three founders named the company after them and then - named Three Star Hydro. These three were later joined by Uddhav Raj Shivakotee 'Kangal', Pradeep K Agrawal, Ananda P Manandhar, Zen Lama, and Ratna Bdr Newar.
