Sarbottam Cement Limited Issuing 27,76,076 Unit IPO Shares To General Public from 13th Falgun
Thu, Feb 15, 2024 8:18 AM on IPO/FPO News, Latest,
Sarbottam Cement Limited is opening the issue of its 27,76,076 unit IPO shares from 13th Falgun, 2080. The early closing date of this issue is on the 16th Falgun and if the issue is not fully subscribed, it can be extended up to the 27th Falgun, 2080.
Earlier, 2,67,000 units had already been issued and allotted to Nepalese citizens working abroad and the company had issued 9,30,000 unit shares to the industry-affected locals of Nawalparasi District/mine excavation-affected locals of Palpa district out of which only 2,48,470 units were allotted to valid applicants. Thus, the remaining 4,87,910 units of unsubscribed shares of project-affected locals are added to 6,81,530 units to make a total of 30,84,530 units for the general public.
Out of the total 30,84,530 units; 1,54,227 units are allotted for mutual funds while 1,54,227 units have been set aside for the employees of the company. The remaining 27,76,076 units are for the general public.
Global IME Capital has been appointed as the issue manager. Applications can be placed for a minimum of 50 units while the maximum quantity is 10,000.
The share price of the company is Rs. 360.90 per share for common investors. The company is issuing an IPO through the book-building method.
In general the 'cut-off price' serves as a pivotal factor in the IPO issued under the book-building process. During the primary shares allotment to the qualified institutional investors, the 'cutoff price' for Sarbottam Cement was set at Rs 401. Following the guidelines, shares are made available to the general public at a reduced rate, specifically 10% lower than the 'cut-off' price. For Sarbottam Cement, this translates to Rs 360.90 per share for common investors.
ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] BBB+ (pronounced ICRA NP issuer rating triple B plus) to Sarbottam Cement Limited. ICRA Nepal has also reaffirmed the long-term rating of [ICRANP] LBBB+ (pronounced ICRA NP L triple B plus) and the short-term rating of [ICRANP] A2 (pronounced ICRA NP A two) to Sarbottam’s bank loan limits.
