Everest Colour Limited has released a letter of offer for an Initial Public Offering (IPO) targeting Nepalese citizens employed overseas. The IPO for these individuals will commence on 16th Baishakh and will run until 22nd Baishakh, 2083, with a possibility of extension until Baishakh 30 if the subscription is insufficient.
The company’s total issued capital stands at Rs. 30 Crores. Of this amount, 26.33%, or 7,90,000 unit shares, will be allocated to the public. Of this public offering, 10% of 7,90,000, equating to 79,000 unit shares, has been designated for Nepalese nationals working abroad, with their offering kicking off on 16th Baishakh. The remainder of 7,11,000 units will be available for the general populace.
For the Nepalese citizens abroad, the minimum application is set at 10 units, while the maximum limit is 7,000 units.
Muktinath Capital Limited has been selected as the issue manager for the public offering.
CARE Ratings Nepal Limited (CRNL) has elevated the issuer rating of Everest Colour Limited (ECL) to ‘CARE-NP BB (Is)’ from its previous rating of ‘CARE-NP BB- (Is)’. This upgrade suggests that the issuer has a moderate risk of failing to fulfill its financial obligations in a timely fashion in Nepal.
Everest Colour Limited is a public limited entity that was initially registered on May 05, 2011, as a private limited company and subsequently transitioned to a public limited entity on June 24, 2024. The company specializes in the manufacturing and distribution of a diverse array of paints, including exterior and interior emulsion paints and primers, enamel coatings, wood and metal primers, acrylic distempers, aluminum paints, gold paints, cement finishes, floor coatings, and industrial paints. Its production plant is located in Tungara-03, Chitwan, and the company boasts over a decade of operational experience.
