Kathmandu. Sarbottam Paints Industries Limited is going to issue initial public offering (IPO). In the first phase, the company will be issuing shares to Nepalese who are in foreign employment from May 21.

The Securities Board of Nepal (SEBON) has approved the issuance of 8,50,000 units of shares worth Rs 85 million i.e. 25% of the issued capital of Rs 34 crore. The company is issuing 85,000 units of shares at the rate of Rs 100 per share.

Applications can be place for minimum 10 units and maximum 5000 units. The last date to apply for the IPO is May 24. If the application is not received as per the demand within the stipulated period, the application can be submitted till May 17.

Global IME Capital has been appointed as the issue manager for the IPO issuance. Nepalese who are abroad employed can apply for the shares from the Securities Board of Nepal (SEBON) through ASBA member banks and financial institutions.