Sarvottam Paints Industries Limited Issuing IPO Shares to Nepalese Employed Abroad From Baishakh 21

Sarvottam Paints Industries Limited has issued an offer letter for an Initial Public Offering (IPO) to Nepalese citizens working abroad. The IPO issue for Nepalese citizens working abroad will open from 21st Baishakh to 24th Baishakh, 2083, and may be extended till Jestha 04 if undersubscribed.

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 for this category will open from 21st Baishakh. 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.

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.