SEBON Adds IPO Proposals of Maruti Cements and Barun Investment To Its Pipeline

The initial Public Offering (IPO) of Maruti Cements Ltd. has been added to SEBON’s IPO pipeline for approval.

The company is seeking to issue 11,600,000 unit shares to the local as well as the general public at a premium price of Rs. 277 per share (Rs 100 face value + Rs 177 premium price). The IPO issue will raise a total of Rs. 3.21 Arba. The application was submitted on Poush 26, 2080.

Nabil Investment Banking Limited has been appointed as the issue manager for the IPO issuance.

CARE Ratings Nepal Limited (CRNL) has reaffirmed the rating of ‘CARE-NP A-’ assigned to the long-term bank facilities and ‘CARE-NP A2+’ assigned to the short-term bank facilities of Maruti Cements Limited (MCL).

Maruti Cement Limited (MCL) was incorporated on October 31, 1994, and the current management took over the company in 2005. MCL is managed by industrialists and traders of Nepal, belonging to the Rathi group and Goyal group of companies, and all the shares of the company are held by the promoters. The company is presently engaged in manufacturing and selling cement with a clinker capacity of 1500 MTPD and a grinding capacity of 2000 MTPD located in Mirchaiya, Siraha District of Nepal.

Similarly, the IPO proposal of Barun Investment Ltd. is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 2,475,000 shares. This will raise Rs. 24.75 crores for the company. The application was submitted on Poush 25, 2080.

Global IME Limited has been appointed the issue manager for the public offering.

Infomerics Credit Rating Nepal Limited (Infomerics Nepal) has assigned the issuer rating of IRN B (Is) [Single B (Issuer)]. An issuer with this rating is considered to have a high risk of default regarding the timely servicing of financial obligations.

Barun Investment was incorporated in May 2015 as a private limited company and was converted to a public limited company in July 2021. Barun Investment Limited (BIL) has made investments in three hydropower projects through its investee companies: Sanigad Hydro Limited (38.46 MW), Kalanga Hydro Limited (15.33 MW), and Bungal Hydro Limited (10.40 MW). The company's registered and corporate office is situated in Bhanimandal, Lalitpur. The major shareholders of BIL include Mr. Shiva Prasad Ghimire (46.98%), Mr. Bholeshwor Dulal (11.28%), Mrs. Pramila Dulal (Acharya) (7.60%) and Mr. Umesh Dhakal (6.71%).