Upper Tamakoshi allots 1.58 Crore units to general public; Minimum 40 units to all valid 3.34 lakh applicants; lucky 1.72 lakh applicants got 10 units extra

Citizen Investment Trust and Sunrise Capital Limited, the issue manager for 1.58 Crore units IPO of Upper Tamakoshi Hydropower Project, has concluded the allotment of shares. The allotment was done amidst a program organized at Crystal Banquet, Babarmahal, Kathmandu.

40 units each were allotted to a total of 334,075 valid applicants from the general public. A total of 339,775 applicants had applied but 5,700 of them were disqualified. Lottery was held between 334,075 valid applicants for remaining 1,727,750 units. Overall 3,34,075 applicants got 40 units each and among them 172,775 applicants got 50 units each.

IPO results can be checked at ShareSansar’s IPO Result section later.

Citizen Investment Trust and Sunrise Capital have been appointed as the issue manager for the IPO issuance. The hydropower company had floated 15,885,000 unit shares for the general public i.e. 15% of their paid up capital.

ICRA Nepal has assigned Grade 4 rating to the IPO issuance indicating below average fundamentals.

It has been constructing 456-MW hydropower project. It has paid-up capital of Rs 10.59 billion. It is the largest capacity hydropower project in the country and it has 8.4 km longest tunnel which has been constructed so far.