Sarvottam Paints Industries Limited has presented an offer letter for an Initial Public Offering (IPO) targeting Nepalese citizens employed abroad. The IPO window for these Nepalese citizens will commence from 21st Baishakh to 24th Baishakh, 2083, with a potential extension until Jestha 04 if the subscription is below expectations.
The company’s authorized capital stands at Rs. 34 Crores. Of this total, 25%, equating to 8,50,000 unit shares, will be allocated to the public. Out of this public issuance, 10% of 8,50,000, amounting to 85,000 unit shares, is earmarked for Nepalese citizens employed overseas, with the offering for this group set to launch on 21st Baishakh. The balance of 7,65,000 units will be available for the general populace.
For Nepalese citizens working internationally, the minimum application size is 10 units, while the maximum limit is 5,000 units.
Global IME Capital Limited has been designated as the issue manager for this public offering.
CARE Ratings Nepal Limited (CRNL) has elevated the issuer rating of Sarvottam Paints Industries Limited (SPIL) to ‘CARE-NP BB (Is)’ from ‘CARE-NP BB- (Is)’. This rating signifies that the issuer possesses a moderate degree of default risk regarding timely fulfillment of its financial commitments within Nepal.
Originally established as a private limited company on January 23, 2015, Sarvottam Paints Industries Limited (SPIL) transitioned to a public limited company on July 14, 2022. The entity is involved in the manufacturing and distribution of a diverse array of products, encompassing decorative interior and exterior emulsion paints, primers, enamel paints, water-based primers, distemper, waterproofing liquids, oil-based primers, gold paints, cement paints, thermoplastic road marking paints, and wall putty. Its production facility is based in Godawari-02, Attariya, Kailali, while its sales office is located in Madhyapur Thimi-02, Bhaktapur, Nepal.
