Sarvottam Paints Industries Limited is set to open its Initial Public Offering (IPO) to the general public from Jestha 28, 2083. The company will issue 7,05,500 ordinary shares at a face value of Rs. 100 per share.
The IPO will remain open until Ashad 2, 2083. However, if the issue is not fully subscribed within the initial period, the closing date may be extended until Ashad 11, 2083.
The company's total issued capital stands at Rs. 34 Crores. As part of its public offering plan, 25% of the issued capital, equivalent to 8,50,000 shares, has been allocated to the public.
Before opening the issue to the general public, the company had already allotted 85,000 shares, representing 10% of the public issue, to Nepali citizens working abroad. Likewise, 17,000 shares have been reserved for company employees, while 42,500 shares have been allocated to mutual funds. After these allocations, the remaining 7,05,500 shares are now being offered to general investors.
Investors can apply for a minimum of 10 shares and a maximum of 5,000 shares through the C-ASBA system. Applications can be submitted through all ASBA-approved banks and financial institutions, their designated branches, or online through the Mero Share platform.
Global IME Capital Limited has been appointed as the issue and sales manager for the IPO.
In terms of credit assessment, CARE Ratings Nepal Limited (CRNL) has upgraded the issuer rating of Sarvottam Paints Industries Limited from CARE-NP BB- (Is) to CARE-NP BB (Is). The rating indicates that the company carries a moderate level of risk in meeting its financial obligations on time.
Established on January 23, 2015, as a private limited company, Sarvottam Paints was later converted into a public limited company on July 14, 2022. The company is engaged in the manufacturing and sale of a wide range of paint and coating products, including decorative interior and exterior emulsions, primers, enamel paints, waterproofing solutions, distemper, cement paints, thermoplastic road-marking paints, wall putty, and specialty coatings.
The company's manufacturing facility is located at Godawari-2, Attariya, Kailali, while its sales and distribution office operates from Madhyapur Thimi-2, Bhaktapur.
With the IPO now opening to the public, investors will have an opportunity to participate in one of Nepal's growing paint manufacturing companies as it seeks to expand its presence in the domestic paint and coatings market.
Sarvottam Paints Industries Limited (SPIL) – Financial Highlights
Balance Sheet (FY 2081/82)
(NPR '000)
| Particulars | FY 2081/82 |
|---|---|
| Property, Plant & Equipment | 39,269 |
| Investments | 92,701 |
| Total Non-Current Assets | 132,007 |
| Inventories | 59,963 |
| Trade Receivables | 131,066 |
| Cash & Cash Equivalents | 25,711 |
| Total Current Assets | 217,509 |
| Total Assets | 349,516 |
| Share Capital | 255,000 |
| Retained Earnings | 25,934 |
| Total Equity | 280,934 |
| Non-Current Liabilities | 33,322 |
| Current Liabilities | 35,260 |
| Total Liabilities | 68,582 |
| Total Equity & Liabilities | 349,516 |
Income Statement (FY 2081/82)
(NPR '000)
| Particulars | FY 2081/82 |
|---|---|
| Revenue | 141,850 |
| Cost of Sales | (91,332) |
| Gross Profit | 50,518 |
| Selling & Distribution Expenses | (16,317) |
| Administrative Expenses | (8,201) |
| Other Expenses | (6) |
| Operating Profit | 25,995 |
| Finance Cost | (5,081) |
| Finance Income | 2 |
| Profit Before Tax | 20,916 |
| Income Tax Expense | (1,507) |
| Deferred Tax | (68) |
| Net Profit | 19,341 |
Three-Year Financial Performance
(NPR '000)
| Particulars | FY 2079/80 | FY 2080/81 | FY 2081/82 |
|---|---|---|---|
| Revenue | 92,564 | 94,903 | 141,850 |
| Gross Profit | 29,293 | 33,810 | 50,518 |
| Operating Profit | 12,230 | 13,141 | 25,995 |
| Net Profit | 2,111 | 4,756 | 19,342 |
| Total Assets | 223,490 | 206,189 | 349,516 |
| Total Equity | 132,456 | 146,732 | 280,934 |
| Share Capital | 94,044 | 140,140 | 255,000 |
Unaudited Financial Results (Poush End FY 2082/83)
(NPR '000)
Balance Sheet
| Particulars | Poush End 2082/83 |
|---|---|
| Total Assets | 426,370 |
| Total Equity | 296,854 |
| Total Liabilities | 129,516 |
| Share Capital | 255,000 |
| Retained Earnings | 41,854 |
| Cash & Cash Equivalents | 1,189 |
| Trade Receivables | 188,129 |
| Inventories | 60,690 |
Income Statement
| Particulars | Poush End 2082/83 |
|---|---|
| Revenue | 112,494 |
| Gross Profit | 43,173 |
| Operating Profit | 21,643 |
| Profit Before Tax | 19,480 |
| Net Profit | 15,920 |
Key Financial Ratios
| Indicator | FY 2079/80 | FY 2080/81 | FY 2081/82 |
|---|---|---|---|
| EPS (Rs.) | 2.24 | 3.39 | 7.58 |
| Net Worth Per Share (Rs.) | 140.94 | 104.65 | 110.17 |
| Return on Net Worth (%) | 1.59% | 3.24% | 6.48% |
| Net Profit Margin (%) | 2.41% | 5.01% | 13.64% |
| Gross Profit Margin (%) | 33.50% | 35.63% | 37.00% |
Projected Financials
| Particulars | FY 2082/83 | FY 2083/84 | FY 2084/85 |
|---|---|---|---|
| Revenue (NPR '000) | 280,000 | 322,000 | 370,300 |
| Net Profit (NPR '000) | 35,068 | 43,784 | 44,285 |
| EPS (Rs.) | 10.31 | 12.88 | 13.02 |
| Net Worth Per Share (Rs.) | 117.94 | 130.82 | 143.84 |
| Return on Net Worth (%) | 8.75% | 9.84% | 9.05% |
IPO Fund Utilization
| Purpose | Amount (NPR) |
|---|---|
| Hetauda Plant Expansion | 55,000,000 |
| Kailali Plant Expansion | 30,000,000 |
| Total IPO Proceeds Utilization | 85,000,000 |
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