Sopan Pharmaceuticals Changes IPO Dates; Public Issue to Open from 3rd Baishakh

Sopan Pharmaceuticals Limited has revised the schedule for its Initial Public Offering (IPO) of 34,74,900 units for the general public. The offering will now open on 3rd Baishakh and close on 8th Baishakh, 2083. If the issue remains undersubscribed, the deadline will be extended until 17th Baishakh, 2083.

Earlier, the company had planned to open the IPO from 2nd Baishakh, 2083, with an early closing date set for 6th Baishakh and a possible extension until 16th Baishakh, 2083. The shares are being issued at a face value of Rs. 100 per unit.

The issued capital of the company is Rs. 1.71 Arba. Of this, 25%, i.e., 42,90,000 unit shares, will be issued to the public. Of this general public issue, 10% of 42,90,000 units, a total of 4,29,000 units, were allotted to Nepalese citizens working abroad. 4%, i.e., 1,71,600 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 2.14,500 units, have been reserved for mutual funds. The remaining 34,74,900 units are for the general public and opened from the mentioned date above.

NMB 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 11,000 units.

CARE Ratings Nepal Limited (CRNL) has upgraded the issuer rating of Sopan Pharmaceuticals Limited (SPL) from CARE-NP B- (Is) to CARE-NP B (Is), indicating a high risk of default. The long-term bank facility rating was also revised to CARE-NP B, while the short-term bank facility rating of CARE-NP A4 was reaffirmed.

Sopan Pharmaceuticals Limited (SPL), a public company incorporated in 2009 and promoted by both institutional and individual stakeholders, manufactures generic and cephalosporin drugs at its Lalitpur facility in Nepal, holding licenses for 139 types of drugs for production and 70 types for marketing.

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