The Initial Public Offering (IPO) of Everest Colour Limited is closing today (Jestha 27, 2083) for general investors. The company had opened the public issue on Jestha 22, 2083.
The company has an issued capital of Rs. 30 crore, of which 26.33 percent, equivalent to 7,90,000 shares, has been allocated to the public. Prior to the general public offering, 79,000 shares (10 percent of the public issue) were already allotted to Nepali citizens working abroad.
Similarly, 15,800 shares were reserved for employees of the company, while 39,500 shares were allocated to mutual funds. The remaining 6,55,700 ordinary shares were offered to the general public.
Muktinath Capital Limited is serving as the issue manager for the IPO. Investors were allowed to apply for a minimum of 10 shares and a maximum of 10,000 shares.
Investor participation has been exceptionally strong. According to data from the CDS and Clearing system, as many as 24,35,767 applicants have submitted applications for 2,63,34,160 shares. Based on the demand received, the IPO has been oversubscribed by approximately 40.16 times.
On the rating front, CARE Ratings Nepal Limited recently upgraded the issuer rating of Everest Colour Limited to CARE-NP BB (Is) from CARE-NP BB- (Is). The rating indicates a moderate risk regarding the company’s ability to meet its financial obligations on time.
Established on May 5, 2011, Everest Colour Limited initially operated as a private limited company before being converted into a public limited company on June 24, 2024. The company manufactures and sells a broad range of paint products, including interior and exterior emulsion paints, primers, enamel paints, wood and metal primers, acrylic distempers, aluminium paints, gold paints, cement paints, floor coatings, and industrial paints.
Its manufacturing facility is located in Tungara-3, Chitwan, and the company has been operating in Nepal’s paint industry for more than a decade. The IPO proceeds are expected to support the company’s future growth and business expansion plans.
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