Everest Colour Limited Closing 79,000 Units IPO for Foreign Nepalese Immigrants Today

Everest Colour Limited is closing the IPO issue for foreign Nepalese Immigrants today, i.e., 22nd Baishakh, 2083. The issue was opened on the 16th Baishakh, 2083.

The company's issued capital 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, have been set aside for Nepalese citizens working abroad, and the issue will close from today. The remaining 7,11,000 units will be issued for the general public.

For Nepalese citizens working abroad, the minimum application quantity is 10 units, and the maximum is 7,000 units.

According to CDSC, 86,567 applicants have applied for a total of 11,44,120 units. Thus, the issue has already been oversubscribed 14.48 times.

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

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.