Everest Colour Limited has initiated its Initial Public Offering (IPO) for Nepalese nationals residing overseas starting today, specifically 16th Baisakh 2083, providing 79,000 units of shares to Nepalese citizens working abroad.
The IPO specifically for overseas Nepalese citizens is available from today, i.e., 16th Baishakh to 22nd Baishakh, 2083, with a possibility of extension until Baishakh 30 if it remains undersubscribed.
The company’s total issued capital amounts to Rs. 30 Crores. Of this figure, 26.33%, equivalent to 7,90,000 unit shares, will be made available to the public. From this public offering, 10% of 7,90,000, which totals 79,000 units, has been allocated for Nepalese citizens residing abroad, and the issuance for this demographic begins today. The balance of 7,11,000 units will be provided for the general public.
For Nepalese citizens living overseas, the minimum quantity for application is set at 10 units, while the maximum limit is 7,000 units.
Muktinath Capital Limited has been designated 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 signifies that the issuer has a moderate risk of failing to meet its financial commitments punctually in Nepal.
Everest Colour Limited is a publicly traded company that was initially incorporated on May 05, 2011, as a private limited entity and transitioned to a public limited company on June 24, 2024. The firm specializes in the production and distribution of an extensive variety of paints, including exterior and interior emulsion paints and primers, enamel paints, wood and metal primers, acrylic distempers, aluminum paints, gold paints, cement paints, floor coatings, and industrial paints. Its manufacturing facility is located in Tungara-03, Chitwan, and the company has been operational for more than a decade.
