Last Day To Apply For Upper Syange Hydropower's IPO; Issue Oversubscribed by 18.43 Times So Far
Wed, Jun 28, 2023 8:53 AM on IPO/FPO News, Latest,
Upper Syange Hydropower Limited is closing the issue of its 539,500 unit IPO shares of Rs 100 face value to the general public from today i.e. on 13th Ashad, 2080. The company intends to collect Rs 5.39 crore from this IPO. The issue opened on 10th Ashad, 2080.
Out of the total 650,000 units; 10% i.e. 65,000 units have already been issued and allotted to Nepalese citizens working abroad, 5% of the total offered shares i.e. 32,500 units have been set aside for the mutual funds while 2% i.e 13,000 units have been set aside for the employees of the company. The remaining 539,500 units are for the general public. The paid-up capital of the company will reach Rs. 22 Crores after the IPO issuance.
Earlier, the company had issued 2,20,000 unit shares worth Rs. 2.2 crores to the project-affected locals of Lamjung District and 65,000 unit shares to Nepalese citizens working abroad. The promoter-public share ratio will be 60.45: 39.55 after this IPO.
Siddhartha 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 100,000 units.
According to CDSC, 906,108 applicants have applied for a total of 99,45,660 units till yesterday evening. Thus, the issue is already oversubscribed by 18.43 times so far.
CARE Ratings Nepal Limited (CRNL) has reaffirmed the issuer rating of ‘CARE-NP BB (Is)’ assigned to Upper Syange Hydropower Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations, in Nepal.
Upper Syange Hydropower Limited is a public company, incorporated on January 26, 2009, as Upper Syange Hydropower Private Limited and converted to Public Limited on March 30, 2017. It is promoted by both individual and institutional promoters from different backgrounds. It is setting up of a 2.4 MW Run-of-River (RoR), Upper Syange Hydropower Project (USHP) in BOOT (Build, own, Operate, and Transfer) mechanism and located at Lamjung district of Nepal.
