Everest Colour Limited has commenced the issuance of its Initial Public Offering (IPO) for Nepalese citizens working abroad from 16th Baisakh, 2083.
Under the offering, the company is issuing 79,000 unit shares specifically reserved for Nepalis employed overseas.
The IPO for Nepalese citizens working abroad will remain open from 16th Baisakh to 22nd Baisakh, 2083, with a possible extension until 30th Baisakh if the issue remains undersubscribed.
The company has an issued capital of Rs. 30 Crores. Out of the total capital, 26.33%, equivalent to 7,90,000 unit shares, will be issued to the public.
From the total public issue:
- 79,000 unit shares, representing 10% of the public offering, have been reserved for Nepalese citizens working abroad.
- The remaining 7,11,000 unit shares will later be offered to the general public.
Applicants under the foreign employment category can apply for a minimum of 10 units and a maximum of 7,000 units.
Muktinath Capital Limited has been appointed as the issue manager for the IPO.
Meanwhile, CARE Ratings Nepal Limited has upgraded the issuer rating of Everest Colour Limited from “CARE-NP BB- (Is)” to “CARE-NP BB (Is).” The rating indicates a moderate risk of default in meeting financial obligations on time.
Originally established as a private limited company on May 5, 2011, Everest Colour Limited was converted into a public limited company on June 24, 2024. The company manufactures and sells a wide range of paint products, including interior and exterior emulsion paints, primers, enamel paints, acrylic distempers, industrial paints, floor coatings, cement paints, aluminium paints, and wood and metal primers.
The company’s manufacturing facility is located in Tungara-03, Chitwan, and it has been operating in Nepal’s paint industry for more than a decade.
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