Everest Colour Limited Concludes IPO Allotment for Nepalese Citizens Working Abroad; 7,900 Lucky Applicants Receive 10 Units Each

The IPO allotment for Nepalese citizens working abroad by Everest Colour Limited was concluded today, 29th 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, were allotted for Nepalese citizens working abroad today. The remaining 7,11,000 units will be issued for the general public.

The issue received a total of 90,820 valid applications for 11,89,450 units. Meanwhile, 5 applications for 50 units were disqualified.

As per the allotment module, 7,900 applicants were allotted 10 units each.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Muktinath Capital Limited.

Muktinath Capital Limited was appointed as the issue manager. The minimum application quantity for Nepalese citizens working abroad was 10 units, and the maximum was 7,000 units.

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.