10.56 crore unit shares of Upper Tamakoshi to enter the secondary market; IPO to get listed inside this week

10.56 crore unit shares of Upper Tamakoshi to enter the secondary market; IPO to get listed inside this week

The allotment of Upper Tamakoshi’s initial public presenting (IPO) for the universal public was once finished on Mangsir 11, 2075. It has been about 2 months since the allotment has completed. The hydropower organisation had issued 1.58 crore units for the time-honored public in its remaining section of issuance.

Citizen Investment Trust and Sunrise Capital Limited have been appointed as the trouble managers for the IPO issuance.

ICRA Nepal had assigned Grade four ranking to the IPO issuance indicating below common fundamentals.

The shares floated for the locals of Dolkha district used to be made on Kartik 14, 2075. The locals of Dolkha district had acquired 1.05 crore unit shares. Along with these, the hydropower company had floated 2.53 crore unit shares for the participants of Employee Provident Fund and employees of the promoter companies earlier than 3.5 years. Those shares have already finished the lock-in length of three years and are eligible to be traded in the secondary market.

About Rs 5.18 arba from the public have been stuck in the shares of the Upper Tamakoshi. The listing has been awaited via a big number of people.

Enquiring with Sunrise Capital concerning the issue, the capital spoke back that the shares have been sent in NEPSE for listing and is probably to be listed within this week. While at some stage in the allotment, the trouble managers had claimed to get the shares listed inside 1 month of allotment. As per the acquired information, all the shares, including the issuance made to locals will additionally be listed whilst the locals will only be in a position to change the shares after the expiry of lock-in duration of three years.

Following up with NEPSE, the spokesperson Mr. Murahari Parajuli spoke back that the software has been for the listing, but NEPSE can’t be blamed for the delayed list of the shares. “We will attempt to get the shares listed inside a week or two”, he added.

Due to the lengthen in the list of the massive extent of shares, a massive chunk of investors money has been frozen. With the record of the shares of Upper Tamakoshi, about 10.56 crore unit shares of the business enterprise will enter in the secondary market.

The provide letter for the IPO issuance of Upper Tamakoshi stated its internet well worth per share to be Rs 74.90 for the FY 2073/74, hence the shares can be listed in open range from Rs 74.90- Rs 224.70.

With the completion of its allotment, Nepal Electricity Authority holds 41%, Employees registered with EPF, NEA personnel and employee of promoter businesses maintain 24%, General public keep 15%, Locals of Dolkha district maintain 10%, Nepal Telecom holds 6%, CIT holds 2% and Rastriya Beema Sanstha holds 2% of the complete share shape of the hydropower company.

It has been constructing 456-MW hydropower project. It has paid-up capital of Rs 10.59 billion. It is the greatest potential hydropower mission in the usa and it has 8.4 km longest tunnel which has been built so far.

Your view