SY Panel Nepal Limited Closes IPO for Project-Affected Locals of Chitwan Today

Chitwan — SY Panel Nepal Limited is closing the issue of 2,61,627 units of Initial Public Offering (IPO) shares for project-affected locals of Chitwan District today, 21st Ashwin, 2082. The IPO had opened on 7th Ashwin, 2082.

The company’s issued capital is Rs. 1.30 Arba (Rs. 1.3 billion). Of this, 40% or 5,232,548 unit shares will be issued to the public. Out of the total issue, 2% (2,61,627 units worth Rs. 2.61 crores) has been allocated for project-affected locals of Chitwan District. The remaining 38% (49,70,920 units) will be offered to the general public later.

Within this general public issue, 10% (4,97,092 units) has been set aside for Nepalese citizens working abroad.
For both project-affected locals and Nepalis working overseas, the minimum application quantity is 10 units and the maximum is 50,000 units.

Prabhu Capital Limited has been appointed as the issue manager for the public offering.

ICRA Nepal has reaffirmed SY Panel Nepal Limited’s issuer rating at [ICRANP-IR] BB, indicating a moderate risk of default in meeting timely financial obligations.

Established in July 2017, SY Panel Nepal Limited (SYPNL) manufactures Expanded Polystyrene (EPS) and Polyurethane Foam (PUFF) sandwich panels, UPVC windows, steel doors, and EPS materials, widely used in prefabricated building construction.

The company is a subsidiary of South Korea-based SY Co. Limited, which holds about 63% ownership, while the remaining shares are owned by Korean investors associated with SY Co. Limited.

SY Panel Nepal’s manufacturing facility is located in Ratnanagar, Chitwan, and the company operates through a network of 62 dealers across Nepal.