Everest Colour Limited has officially opened its Initial Public Offering (IPO) to the general public from today i.e. 22nd Jestha, 2083, issuing 6,55,700 shares at a face value of Rs. 100 per unit. The IPO was initially scheduled to close on 27th Jestha, 2083, with a provision to extend the deadline to 5th Ashad, 2083 if undersubscribed.
The issued capital of the company is Rs. 30 Crores. Of this, 26.33%, i.e., 7,90,000 unit shares, will be issued to the public. Of this general public issue, 10% of 7,90,000, a total of 79,000 unit shares were allotted to Nepalese citizens working abroad.
Of the general public issue, 2%, i.e., 15,800 units, have been set aside for the company’s employees, and 5% of the total offered shares, i.e., 39,500 units, have been reserved for mutual funds. The remaining 6,55,700 units were issued for the general public and is opening from today.
Muktinath Capital Limited has been appointed the issue manager for the public offering. Applications could be placed for a minimum of 10 units and a maximum of 10,000 units.
CARE Ratings Nepal Limited (CRNL) has upgraded the issuer rating of Everest Colour Limited (ECL) to ‘CARE-NP BB (Is)’ from the earlier ‘CARE-NP BB- (Is)’. This rating indicates that the issuer carries a moderate risk of default in meeting its financial obligations on a timely basis in Nepal.
Everest Colour Limited is a public limited company originally incorporated on May 05, 2011 as a private limited entity and later converted into a public limited company on June 24, 2024. The company is engaged in the production and sale of a wide range of paints, including exterior and interior emulsion paints and primers, enamel paints, wood and metal primers, acrylic distempers, aluminium paints, gold paints, cement paints, floor coatings, and industrial paints. Its manufacturing plant is situated at Tungara-03, Chitwan, and the company has been in operation for over a decade.
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