Kathmandu. Sarbottam Paints Industries Limited is issuing initial public offering (IPO) from May 4. The company is going to issue IPO for Nepalese working abroad in the first phase.
The company was allowed to issue 8,50,000 units of shares worth Rs 85 million i.e. 25% of its issued capital of Rs 34 crore. Out of the offered, 10% of the total 10 percent shares worth Rs 85 lakh will be issued to the Nepalese working abroad after obtaining labour permit from the concerned body of the government.
Care Ratings Nepal has assigned CareNP Double B Minus Issue Rating to the company. This indicates that there is a moderate risk to the company’s ability to meet its obligations.
Applications can be place for minimum 10 units and maximum 5000 units. Nepalese who are on foreign employment can apply till May 7 and if the application is not completed by that time, they can apply till May 18.
Global IME Capital Limited has been appointed as the issue manager for the IPO issuance. The Nepalese nationals who are on foreign employment can apply online from all ASBA member banks and financial institutions and their designated branches and CDS & Clearing Limited through the C-ASBA system.
