The company issued the total of
8,00,000 units IPO share. Among of them 2% of the total issues shares 16,000
units have been separated for the company’s employees. Similarly, 5% of the
total issues 8,00,000 shares, 40,000 units have been separated for the mutual
funds. Only the remaining 7,44,000 units are for the general public to apply.
According to issue manager NIBL Ace Capital Limited, the interested applicants
can apply minimum of 10 units and a maximum of 60,000 units share. But we
suggest you, a total of 10 units apply is enough for this issue due to the huge
numbers of interested applicants. You will get only 10 units through lottery
when the IPO will be allotted.
The IPO issuance was done by issue
manager NIBL
Ace Capital Limited. As per the rule, if the IPO did
not sell in the market, NIBL Ace Capital Limited will accept all the IPO of the
company. But it did not happen in current situation.
Terhathum
Power Company Limited had already issues and
allocated 400,000 shares for local public of project affected area. Out of the
total 1,200,000 units approved shared by SEBON on Ashad 10, 2078. The remaining
20%, 800,000 shares were issued for general public now. The company has
4,000,000 registered shares among which 1,200,000 shares has issued to the
public. This is 30% of the company’s paid-up capital as per the company
statement.
IPO
Rating of Terhathum Power Company
ICRA Nepal has assigned a rating of
[ICRANP] IPO Grade 4+ to the issue initial public offering (IPO) of Terhathum
Power Company Limited (TPCL), indicating below-average fundamentals. ICRA Nepal
assigns IPO gradings on a scale of 1 to 5, with Grade 1 indicating strong
fundamentals and Grade 5 indicating poor fundamentals. For the grading
categories 2, 3 and 4, the sign of ‘+’ (plus) appended to the grading symbol
indicates its relatively better position within the grading category concerned.
TPCL is proposing to come out with an IPO of 1,200,000 equity shares with a
face value of NPR 100 each, at par.
The IPO proceed has been planned to
be utilised towards the development of the 7.5-MW Upper Khorunga Small
Hydropower Project. The assigned grading factors in the moderate return
potential of the 7.5-MW Upper Khorunga Small Hydropower Project that arises
from the relatively lower cost of development (~NPR 183 million per MW) and
expected completion of the project within the budgeted cost and estimated
timeline of the Required Commercial Operation Date (RCOD) of December 17, 2019.
The project, already in an advanced stage of completion (~85% of physical
progress), is expected to be completed within the scheduled RCOD. This would
help it utilise all the tariff escalations1 and maintain a healthy levelised
tariff, which is crucial in determining the revenue profile of the company amid
the fixed tariff structures.
The grading also takes into
consideration the low tariff risk and low offtake risk emanating from the firm
power purchase agreement (PPA) with pre-determined tariff rates at take or pay
model, and the positive demand outlook for the energy sector, owing to the
supply-demand gap in the power sector and the increasing energy consumption
levels in the nation. Similarly, the evacuation risk remains low amid an
already built and operational Jiri Khimti substation of the NEA for evacuation
of power to be generated by the project. Going forward, TPCL’s ability to
commission the project within the budgeted cost (NPR 1,376 million), meet the
estimated timeline of RCOD, collect IPO proceeds to avoid incremental
interest2, achieve the designed operating parameters as well as interest rate
volatility in the market would be the key drivers in determining the returns
for the project.
Terhathum
Power Company Limited
Terhathum Power Company Limited has
registered under the Company Act 2052/63 of Nepal. The Company was established
in 2066 BS by few of frontiers from Terhathum to build and hydroelectric and
other renewable energy projects in Terhathum district. The Company was
converted in to Public Limited company on 22 Ashad 2075 and commence its
operation from 1 Shrawan 2076 as Terhathum Power Company Limited (TPCL).
Presently, TPCL is working on the development of two Hydropower projects in
Khorunga Khola at Terhathum District, Upper Khorunga Khola Small Hydropower
Project of 7.5 MW and Khorunga Tangmaya Hydropower Project 2.0 MW which is the
cascade project located in Menchayama Rural Municipality, Terhathum,
Province-1, Nepal. Registered office of the company is located in the
Bagbazar-29, Kathmandu Nepal. The company was formed to collect disbursed units
of capital and reduce the Extreme lack of energy by identifying and operating
the energy generating unit to contribute in the energy sector which is the most
priority sector of nation. TPCL is in process of registering its equity in only
stock market in Nepal and it is in the process of getting approval to lunch the
stock from SEBON. TPCL is closely coordinating with Local public and authority
as well as maintaining good coordination with its Financer Banks, Vendors and
business associates to enhance the efficiency.
Capital
Structure
·
Authorized Capital = Rs.
40,00,00,000.00 (Forty Crores)
·
Issued Capital = Rs. 40,00,00,000.00
(Forty Crores)
·
Paid of Capital = Rs.
40,00,00,000.00 (Forty Crores)
·
Promotor Shares= Rs. 28,00,00,000.00
(Twenty-Eight Crores)
·
General Public Shares= Rs.
12,00,00,000.00 (Twelve Crores)
·
Number of Promotor Share Holder 286
Mission:
Formation of capital by collecting
dispersed unit of investment to generate the renewable energy that will contribute
in economic growth of society and nation.
Vision:
Efficient management can improvise
the available resources into energy by applying the latest technological
changes that will be milestone in the economic growth of nation.
Goal:
·
To generate and operate renewable
energy projects.
·
Local Participation and transparent,
integrity in Business Transaction
· Efficient Management of available resource in the Country.
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