Nepal Warehousing Company Issuing IPO Shares to Nepalese Employed Abroad from Kartik 10
Fri, Oct 6, 2023 10:30 AM on Latest, IPO/FPO News,
Nepal Warehousing Company Limited (NWCL) has published an offer letter to issue an Initial Public Offering (IPO) to Nepalese citizens working abroad.
The IPO issue for Nepalese citizens working abroad will open from the 10th of Kartik till the 24th of Kartik, 2080. Note that the issue will not be extended from the early closing date for Nepalese citizens working abroad.
The issued capital of the company is Rs. 68.75 Crores of which 20% i.e. 13,75,000 unit shares worth Rs. 13.75 Crores will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,37,500 units shares have been allocated for Nepalese citizens working abroad, the issue of which will open on the date mentioned above.
Out of the total 13,75,000 units, 68,750 (i.e. 5% of 13,75,000) have been set aside for mutual funds and 27,500 (i.e. 2% of 13,75,000) units have been set aside for the employees of the company. The remaining 11,41,250 units are for the general public.
Himalayan Capital has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 50,000 units.
ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BB- (pronounced ICRA NP issuer rating double B minus) to Nepal Warehousing Company Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations.
Nepal Warehousing Company was established under the Company Act, 2063 of Nepal to cater to the warehousing needs of the farmers, traders, millers, and businessmen who deal in the trade of grains for their commercial and industrial purposes. These actors more often face post-harvest losses, degraded quality of the product for further use, and most frequently face problems of keeping grains in a healthy environment for a long time period. In order to keep the quality of grains stored intact for a long time, the Nepal Warehousing Company Ltd has brought the solution by installing high-quality silos of 55,000 MT capacity at three different places in province number 1, province number 2, and in Lumbini province.
