IPO Allotment Of Upper Lohore Hydropower Concluded [IPO Result]

August 15, 2023 | Investopaper

IPO Allotment Of Upper Lohore Hydropower Limited

NIC Asia Capital Limited, the issue manager for the initial public offering (IPO) of Upper Lohore Hydropower Limited, has concluded the IPO allotment process on Monday.

After the allotment, 195,327 applicants have received 10 shares each. Out of these, 9 applicants have received  an additional share through lottery.

A total of 12,83,596 valid applicants had subscribed for the shares. With the allotment, more than 10.88 lakh applicants were left empty-handed.

To view the IPO result of Upper Lohore Hydropower Limited, click the link below:

IPO Result Of Upper Lohore Hydropower Limited


Second Phase: IPO To General Public

After issuing shares to the locals and foreign employed Nepalis in the first phase, Upper Lohore Hydropower Company Limited had sold shares to the general public in the second phase of the Initial Public Offering (IPO). The IPO to general public was open from Shrawan 18, 2080 BS.

The company had issued 20,52,456 shares in the second phase of the IPO. Out of the total shares, 99,412 shares are allotted to the mutual fund schemes while 39,765 shares are reserved for the employees of the company. Hence, the general public could participate in the remaining 19,53,289 shares.

Due to over-subscription of shares, the IPO to general public was closed on Shrawan 22, 2080 BS BS.

One could apply for a minimum of 10 shares and a maximum of 25,000 shares.


First Phase: IPO To Locals & Foreign-Employed Nepalese

In the first phase of the IPO, the company had floated shares to the locals of the project affected areas and to the Nepalis in Foreign Employment from Ashad 7, 2080 BS.

The IPO to locals was closed on Shrawan 5, 2080 BS. Earlier, if fully subscribed, the IPO to locals was set to close on Ashad 21, 2080 BS. However, due to under-subscription until that period, the deadline for application was extended.

The IPO to the foreign-employed Nepalis was closed on Ashad 21, 2080 BS.

The company had issued 10 percent of the issued capital i.e. 507,804 shares to the locals of Dailekh District.

Likewise, the company had sold 198,824 shares to the Nepalese in foreign employment (10 percent from general public’s quota).


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In total (including first and second phase), the company will sell 24,98,040 shares in the IPO at a face value of Rs 100. Hence, the public issue amounts to Rs 24.98 crores.

Securities Board (SEBON) had given the permission on Jestha 23, 2080 BS to the company for the public issuance. For this purpose, the company has submitted the application to the board on Ashwin 13, 2079 BS. Only after the approval from the regulatory body SEBON, the company can float the shares to the public.

The company has appointed NIC Asia Capital Limited as the issue and sales manager for the IPO.

After the IPO (if fully subscribed), the general public along with locals will possess 49 percent share in the company while the promoters will hold the remaining 51 percent shares.


About Upper Lohore Hydropower Company Limited

Upper Lohore Hydropower Company Limited was established on November 01, 2017 as a private limited company. Later, the company was converted into a public limited company.

The company is developing a Upper Lohore Hydropower Project in Dailekh district. The project is a run of the river type project with an installed capacity of 4 MW.

The company has already fixed the PPA with Nepal Electricity Authority (NEA) on March 22, 2018 for sale of 4 MW electricity to be produced from the project. The tariff for wet season (Mid-April to Mid-December) is Rs 4.80 per kWh and for dry season (Mid- December to Mid-April) is Rs 8.40 per kWh with 3% escalation on base tariff for 8 years.

The per-MW cost of the project is estimated at Rs. 20.4 crores.

The power generated from the project will be evacuated to the Dailekh Bazaar Substation via 17 km long 33 kV Transmission line.


You May Be Interested In:

List Of Hydro-power Projects Under Construction In Nepal

List Of Hydropower Projects In Nepal (Developed By Private Sector)

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One thought on “IPO Allotment Of Upper Lohore Hydropower Concluded [IPO Result]

  • July 4, 2023 at 5:30 am
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    how to apply Locals

    Reply

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