Shreenagar Agritech Industries IPO Allotment Concludes: Lucky 30,993 Applicants Allotted 10 Units Each via Lottery System

Shreenagar Agritech Industries Limited's IPO allotment was concluded today at the premises of the issue manager, Nabil Investment Banking Limited, Naxal, Kathmandu.

The company had issued 3,09,938 units worth Rs 3.09 crores as an Initial Public Offering (IPO) to the Nepalese citizens working abroad (11th Bhadra, 2082 to 15th Bhadra, 2082).

The company's issued capital is Rs. 1.63 Arba. Of this, 20%, i.e., 32,62,500 unit shares, will be issued to the public. Out of the total issue capital, 1%, which amounts to 1,63,125 unit shares worth Rs. 1.63 Crores, are for the project-affected locals of Rupandehi and Palpa districts. The remaining 19% of the issued capital, i.e., 30,99,375 unit shares, will be offered to the general public later. Of this general public issue, 10%, a total of 3,09,938 unit shares, were allotted for Nepalese citizens working abroad.

The issue received a total of 64,799 valid applications for 10,15,260 units. Meanwhile, 13 applications were invalid.

As per the allotment module, 30,993 applicants were allotted 10 units each via lottery, and 8 applicants received 1 unit each.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Nabil Investment Banking Limited.

ICRA Nepal Limited has upgraded the issuer rating of Shreenagar Agritech Industries Limited from [ICRANP-IR] B- to [ICRANP-IR] B. Entities with this rating are considered to have a high risk of defaulting on financial obligations. The rating reflects the general creditworthiness of the issuer and is not specific to any particular debt instrument. The rating scale ranges from [ICRANP-IR] AA to [ICRANP-IR] C, with plus (+) and minus (-) signs indicating comparative positioning within a category. A B+ rating is one notch higher than B, while B- is one notch lower.

Shreenagar Agritech Industries Limited (SAI), established in 2004 and converted into a public company in 2023, produces poultry, cattle, and fish feed under the brands ‘Sunaulo’ and ‘Himdana.’ With an annual capacity of 135,780 metric tonnes at its Rupandehi plant, SAI has also expanded into poultry and meat processing. Major promoters include Satish Chandra Shrestha (34%), Chandra Pankaj Developers (12%), Shikhar Insurance (8%), Citizen Life Insurance (4%), and around 830 other investors holding 42%.