Palpa Cements Industries Private Limited Closing 5,62,500 Units IPO Shares to Foreign Nepalese Immigrants From Today

Palpa Cements Industries Private Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, the 30th Poush, 2082. The issue opened on the 25th Poush, 2082.

The issued capital of the company is Rs. 3.75 Arba. Of this, 20%, i.e., 75,00,000 unit shares, will be issued to the public. Out of the total issue capital, 5%, which amounts to 18,75,000 unit shares worth Rs. 18.75 Crores, will be allocated to project-affected locals of West Nawalparasi (Former Nawalparasi District). The remaining 15% of the issued capital, i.e., 56,25,000 unit shares, will be offered to the general public at a later date.

Of this general public issue, 10% of 56,25,000, a total of 5,62,500 unit shares, have been set aside for Nepalese citizens working abroad, and the issue will close from today.

For the project-affected locals and Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 1,00,000 units.

According to CDSC, 75,508 applicants have applied for a total of 13,40,210 units. Thus, the issue has already been oversubscribed 2.38 times.

Nabil Investment Banking Limited has been appointed the issue manager for the public offering.

ICRA Nepal has reaffirmed the long-term rating of [ICRANP] LBB (pronounced ICRA NP L double B) for the long-term loan limits and the short-term rating of [ICRANP] A4 (pronounced ICRA NP A four) for the short-term loan limits of Palpa Cement Industries Limited (PCIL or the company). Additionally, the ratings have been removed from Watch with Negative Implications.

Palpa Cement Industries Limited (PCIL), established in 2009, is a greenfield cement manufacturing company that began producing clinker in April 2019 and cement in January 2020. Located in Sunuwal, Nawalparasi, with mines in Rahawas, Palpa, the plant has an annual production capacity of 0.59 million metric tonnes of clinker and 0.73 million metric tonnes of cement, utilizing vertical rolling mill (VRM) technology. A part of the RMC Group, a prominent business house in Nepal, PCIL operates from its registered office in Thapathali, Kathmandu.