Sarbottam Paints Industries Limited has opened the sale of its Initial Public Offering (IPO) from today, Baisakh 21, targeting Nepalese citizens working abroad.
The company had received approval to issue IPO shares worth 25% of its issued capital of Rs. 34 Crores. Under the offering, the company plans to issue 8,50,000 unit shares worth Rs. 8.50 Crores.
Out of the total public issue:
- 85,000 unit shares worth Rs. 85 Lakhs, representing 10% of the IPO, have been reserved for Nepalese citizens working abroad who have obtained labor approval from the concerned government authority.
Applicants under the foreign employment category can apply for:
- Minimum: 10 units
- Maximum: 5,000 units
The IPO application period for Nepalese citizens working abroad will remain open until Baisakh 24. If the issue remains undersubscribed during the early closing period, the deadline may be extended until Jestha 4.
Global IME Capital Limited has been appointed as the issue and sales manager for the IPO.
Eligible applicants can apply through all ASBA-approved banks and financial institutions authorized by Securities Board of Nepal and their designated branch offices. Applications can also be submitted online through the “Mero Share” platform operated by CDS and Clearing Limited using the C-ASBA system.
For the IPO issuance, CARE Ratings Nepal Limited has assigned the company a “CARE-NP BB-” issuer rating, indicating a moderate risk in the company’s ability to meet its financial obligations on time.
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