Sagarmatha Distillery Limited to Open IPO for the General Public

Sagarmatha Distillery Limited is set to open its Initial Public Offering (IPO) for the general public from Bhadra 25. Earlier, the company had already issued and allotted shares to Nepali citizens working abroad under the foreign employment quota.

The company had received approval to issue 1,452,000 shares equivalent to 20% of its paid-up capital of NPR 726 million. Out of this, 145,200 shares were issued to Nepalis working abroad, 72,600 shares were allotted to mutual funds, and 43,560 shares were reserved for the company’s employees.

Now, the company will be issuing 1,190,640 shares worth NPR 119 million at a face value of NPR 100 each to the general public.

Applications for the IPO will be open from Bhadra 25 to Bhadra 29. If undersubscribed, the deadline will be extended until Ashoj 8. Investors can apply for a minimum of 10 shares and a maximum of 10,000 shares.

Credit rating agency Infomerics Credit Rating Nepal has assigned the company a rating of IRN B+ (Issuer Rating), indicating a high risk regarding the company’s ability to meet its financial obligations on time.

The issue manager for this IPO is Muktinath Capital Limited. Investors can apply through the C-ASBA system at participating banks and financial institutions approved by the Securities Board of Nepal.