Universal Power Extends Deadline of IPO

Feb 12, 2019 Merolagani

Universal Power Company (UPCL) has extended deadline of its ongoing initial public offering (IPO) after under subscription. The company started issuing 9,327,410 units of shares to the general public from January 8. The issue was supposed to close early on February 12.

As per Siddhartha Capital, issue manager of the company, the closing date of the IPO will be published after full subscription through public notice.

The capital informed that by February 11, a total of 58,620 applicants have applied for a total of 5,444,360 units of shares worth Rs 544.4 million.

Out of the total number of shares, the company has allocated 186,548 units of shares to employees and 466,370 units of shares to mutual funds. The general investors can apply for 8,674,492 units of shares.

Earlier, the company issued the first phase IPO to locals of affected area of Gaurishankar Rural Municipality, Kalinchowk Rural Municipality and BIgu Rural Municipality of Dolakha District from December 30-January 27. Out of 2,100,350 units of general shares offered to the locals of affected area, 1,766,150 units of shares went unsubscribed that have been added to the second phase IPO.

. The interested investors can apply for a minimum of 50 and maximum of 5,000,000 units of shares at a price of Rs 100 per unit from all C-ASBA approved BFIs and through meroshare software.

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 2.1 billion after the first and 2nd phase IPO.

 

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