Universal Power Extends IPO Deadline for 2nd Time

Jan 20, 2019 Merolagani

Universal Power Company (UPCL) has extended IPO deadline for the second time due to a low application. After the extension, the locals of the affected area can apply for the IPO till January 27.

According to issue manager Siddhartha Capital, the deadline has been extended as per the request of locals of the affected area. Till date, a total of 2,592 applicants have applied for 200,085 units of shares worth Rs 28.5 million.

It is merely 13.57 percent of the total offering. If the issuance goes unsold by the end of the extended deadline, the remaining shares will be added in the second phase IPO issuance to be issued to the general public.

Universal Power Company started issuing the first phase initial public offering to locals of affected area from December 30. The hydropower company is issuing 2,100,350 units of general shares to the locals of the affected area of Gaurishankar Rural Municipality, Kalinchowk Rural Municipality and BIgu Rural Municipality of Dolakha District.

The interested investors can apply for a minimum of 50 and maximum of 500,000 units of shares at a price of Rs 100 per unit. The investors can apply for the shares from Himalayan Bank-Gaurishankar Branch, Mahalaxmi Bikas Bank-Charikot Branch, NIC Asia Bank- Charikkot Branch, Siddhartha Bank- Charikot branch and Sidhu Bikas Bank at Mude Branch, Charikot Branch and Singeti branch.

ICRA Nepal has assigned grade 4 for the issue indicating below average fundamentals.

Presently, the company has a paid-up capital of Rs 1.13 billion that will reach Rs 1.34 billion after the first phase IPO.


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