Kathmandu. Everest Colours Limited (CLCL) has opened its initial public offering (IPO) for the general public from today. The company has invited applications for the issuance of 6,55,700 units of ordinary shares in the second phase.
Prior to this, the company had issued 79,000 units of IPO to the Nepali migrant workers in the first phase from May 28 to April 6. The company said in a statement that the application will be open to the general public following the completion of the allotment of shares.
Out of the total offered shares, 39,500 units have been set aside for the mutual funds and 15,800 units have been set aside for the employees of the company. The general public can apply for the remaining shares. Applications can be place for minimum 10 units and maximum 10,000 units.
Care Ratings Nepal has assigned ‘Care NP Double B Issuer Rating’ to the company. This rating indicates a moderate level of risk to the company’s ability to meet its financial obligations on time.
The application deadline for the IPO will be open till June 10 at the earliest and till June 19 if there are not enough applications. The interested bidders can apply for the shares from ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON) and through their designated branch offices. In addition, online application facility is also available through ‘My Share’ system.
