According to Citizens Investment Trust (CIT), issue manager of the company, the deadline has been extended to August 17 which was supposed to close on August 10 considering the excessive flow of IPO applications.
Given that only 11 collection counters have been designated for the IPO application, applicants have been having a tough time while applying for the IPO from Kathmandu. The IPO is applicable till August 30 from the local affected area of Dolakha.
Moreover, applicants are opting for the same old procedure of submitting the application form for the IPO. Demat Accounts are made optional for the particular IPO.
Upper Tamakoshi is issuing IPO worth Rs 1.05 billion to locals of the affected area. The company is issuing 26,475,000 units of initial public offering to the general public. Out of the total shares, the company is issuing 10,590,000 units of shares to locals of the affected area from August 1.
The remaining 15,885,000 units of shares will be issued to the general public in the 2nd Phase. The company will disclose the date of 2nd phase issuance after the allotment of the 1st phase IPO.
The company has capped the limit of minimum and maximum applicable shares to the locals of the affected area at 30 units and 300 units and to the general investors at 50 units and 1000 units.
Presently, the company has a paid-up capital of Rs 7.94 billion that will reach Rs 10.59 billion after the IPO issuance.
