Shreenagar Agritech Industries Limited Closing 3,09,938 Units IPO Shares to Foreign Nepalese Immigrants From Today

Shreenagar Agritech Industries Limited is closing the issue of its IPO for foreign Nepalese Immigrants today, the 15th Bhadra, 2082. The issue opened on the 11th Baishakh, 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., 30,99,35 unit shares, will be offered to the general public later.

Of this general public issue, 10%, a total of 3,09,938 unit shares, have been set aside for Nepalese citizens working abroad, and the issue for this category 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 10,000 units.

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

According to CDSC, 62,888 applicants have applied for a total of 10,26,230 units. Thus, the issue has already been oversubscribed by 3.31 times as of 5 PM yesterday.

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%.