IPO Issue of Everest Colour Limited Closing Today; Oversubscribed 40.16 Times So Far

Everest Colour Limited is closing the issue of 6,55,700 units of IPO shares at a par value of Rs 100 from today, i.e., 27th Jestha, 2083. The issue was opened for the general public on 22nd Jestha, 2083.

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 will be closed 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.

According to CDSC, 24,35,767 applicants have applied for 2,63,34,160 units. Thus, the issue has been oversubscribed 40.16 times.

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.