Upper Syange Hydropower IPO Collects Rs. 1.39 Arba From 12.82 Lakh Applicants Till Last Day; Oversubscribed by More Than 25.88 Times

Upper Syange Hydropower Limited issued its Initial Public Offering (IPO) of 539,500 unit shares to the general public from 10th Ashad to 13th Ashad, 2080. The company intends to collect Rs 5.39 crore from this IPO.

Out of the total 650,000 units; 10% i.e. 65,000 units were issued to Nepalese citizens working abroad, 5% of the total offered shares i.e. 32,500 units were set aside for the mutual funds while 2% i.e 13,000 units were set aside for the employees of the company. The remaining 539,500 units were for the general public. The paid-up capital of the company will reach Rs. 22 Crores after the IPO issuance. The promoter-public share ratio will be 60.45: 39.55 after this IPO.

According to CDSC, 12,82,463 applicants have applied for a total of 13,964,710 units. Thus, the issue oversubscribed by 25.88 times so far.

Siddhartha Capital Limited was appointed as the issue manager for the IPO issuance.

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.