Everest Colour Limited Issuing IPO Shares to Nepalese Employed Abroad From Baishakh 16

Everest Colour 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 16th Baishakh to 22nd Baishakh, 2083, and may be extended till Baishakh 30 if undersubscribed.

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 for this category will open from 16th Baishakh. 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.

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.