Everest Colour Limited has officially launched its Initial Public Offering (IPO) to the general populace starting today, i.e., 22nd Jestha, 2083, releasing 6,55,700 shares with a nominal value of Rs. 100 per unit. The IPO was originally set to conclude on 27th Jestha, 2083, with an option to extend the deadline to 5th Ashad, 2083 in case of undersubscription.
The company’s issued capital stands at Rs. 30 Crores. Out of this, 26.33%, meaning 7,90,000 unit shares, will be made available to the public. From this public offering, 10% of the 7,90,000, amounting to 79,000 unit shares, have been designated for Nepali nationals working overseas.
Additionally, 2% of the public offering, which equates to 15,800 units, has been reserved for the company’s employees, and 5% of the total offered shares, or 39,500 units, have been set aside for mutual funds. The remaining 6,55,700 units are now open for the public from today.
Muktinath Capital Limited has been designated as the issue manager for the public offering. Applications can be submitted for a minimum of 10 units and a maximum of 20,000 units.
CARE Ratings Nepal Limited (CRNL) has upgraded the issuer rating of Everest Colour Limited (ECL) to ‘CARE-NP BB (Is)’ from its previous score of ‘CARE-NP BB- (Is)’. This rating suggests that the issuer has a moderate risk of failing to meet its financial obligations on time in Nepal.
Everest Colour Limited is a public limited entity originally established on May 05, 2011, as a private limited company before transitioning to a public one on June 24, 2024. The company specializes in producing and selling a diverse array of paints, including both exterior and interior emulsion paints and primers, enamel paints, wood and metal primers, acrylic distempers, aluminum paints, gold coatings, cement paints, floor finishes, and industrial coatings. Its manufacturing facility is located at Tungara-03, Chitwan, and the company has been operational for more than a decade.
