IPO Alert: Sarvottam Paints Industries Announces Opening Date for Foreign Employment Category

Sarvottam Paints Industries Ltd. has received approval to issue 850,000 units of shares, representing 25% of its issued capital (amounting to NPR 85 million). In the initial phase, the company is allocating 85,000 units (10% of the total IPO shares) to Nepali workers who have obtained labor permits from the relevant government authorities and are working overseas. The subscription period for this group will remain open until May 7 (Baishakh 24), with a possible extension to May 18 (Jestha 4) if the issue is not fully subscribed within the early window.

The issuance and sales manager for this IPO is Global IME Capital Limited. Prospective investors can submit their applications through the C-ASBA system via authorized banks and financial institutions or online through the 'Mero Share' software provided by CDS & Clearing Limited. Regarding financial stability, Care Ratings Nepal has assigned a 'CARE-NP BB-' rating to the company, indicating a moderate risk profile regarding the company’s ability to meet its financial obligations.