Sarvottam Paints Industries Limited (SPIL) has opened its Initial Public Offering (IPO) for the general public from today, Jestha 28, 2083, following the completion of share allotment to Nepali citizens working abroad.
The company had received approval to issue 850,000 ordinary shares worth Rs. 85 million, representing 25% of its issued capital of Rs. 340 million. Out of the total public issue, 85,000 shares (10%) were already allocated to Nepalis working overseas.
Additionally, 42,500 shares were reserved for mutual funds and 17,000 shares have been set aside for company employees.
The remaining 705,500 shares, worth Rs. 70.55 million, are now available for the general public at a face value of Rs. 100 per share.
Application Details
- Issue Open Date: Jestha 28, 2083
- Closing Date: Ashadh 2, 2083
- Extended Closing Date (if undersubscribed): Ashadh 11, 2083
- Minimum Application: 10 shares
- Maximum Application: 5,000 shares
- Issue Price: Rs. 100 per share
Issue Manager
Global IME Capital Limited has been appointed as the issue and sales manager for the public offering.
Interested investors can apply through:
- All ASBA-approved banks and financial institutions,
- Their designated branches, and
- The Mero Share online platform using the C-ASBA system.
Credit Rating
For the IPO issuance, CARE Ratings Nepal Limited has assigned ‘CARE-NP BB- (Issuer Rating)’ to the company. The rating indicates a moderate risk regarding the company’s ability to meet its financial obligations on time.
About the Company
Sarvottam Paints Industries Limited is engaged in the manufacturing and sale of various paint products, including decorative paints, primers, enamel paints, waterproofing products, wall putty, cement paints, and road-marking paints. The company aims to strengthen its market presence and expand operations through the capital raised from the IPO.
With the IPO now open, retail investors have an opportunity to participate in Nepal’s growing paint manufacturing sector through Sarvottam Paints Industries Limited.
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