Sarvottam Paints Industries Limited Closing 85,000 Units IPO for Foreign Nepalese Immigrants Today

Sarvottam Paints Industries Limited is closing the 85,000 units of IPO issue for foreign Nepalese Immigrants today, i.e., 24th Baishakh, 2083. The issue was opened on the 21st Baishakh, 2083.

The company's issued capital is Rs. 34 Crores. Of this, 25%, i.e., 8,50,000 unit shares, will be issued to the public. Of this general public issue, 10% of 8,50,000, a total of 85,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue will close from today. The remaining 7,65,000 units will be issued for the general public.

For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 5,000 units.

According to CDSC, 82,881 applicants have applied for a total of 10,90,000 units. Thus, the issue has already been oversubscribed 12.82 times.

Global IME Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has upgraded the issuer rating of Sarvottam Paints Industries Limited (SPIL) to ‘CARE-NP BB (Is)’ from ‘CARE-NP BB- (Is)’. This rating indicates that the issuer carries a moderate level of default risk in meeting its financial obligations on time within Nepal.

Sarvottam Paints Industries Limited (SPIL), originally incorporated as a private limited company on January 23, 2015, was later converted into a public limited company on July 14, 2022. The company is engaged in the production and sale of a wide range of products, including decorative interior and exterior emulsion paints, primers, enamel paints, water-based primers, distemper, waterproofing liquids, oil-based primers, gold paints, cement paints, thermoplastic road marking paints, and wall putty. Its manufacturing plant is located in Godawari-02, Attariya, Kailali, while its sales depot office is situated in Madhyapur Thimi-02, Bhaktapur, Nepal.