Jagdamba Steels to Issue 2,00,70,000 Shares at Premium in IPO
October 12, 2023 | Investopaper
Jagdamba Steels Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Ashwin 17, 2080 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
If approved by SEBON, the company will sell 2,00,70,000 shares in the initial public offering (IPO). The company is planning to issue the shares at Rs. 300 per shares (Rs. 100 par value plus Rs. 200 premium). Hence, the total public issue amounts to Rs. 6.02 Arba.
In the first phase, the company will sell the shares to the foreign-employed Nepalis. Likewise, in the second phase, the company will float shares to the general public, including the employees of the company and the mutual fund schemes.
The company has appointed Siddhartha Capital Limited as issue and sales manager for the IPO. An agreement for public offering has been reached between the company and Siddhartha Capital Limited on this regard.
About Jagdamba Steels Limited
Jagdamba Steels was establised on October 01, 1993 as a private limited company. Later, on July 14, 2022, the company was transformed into a public company. The company is promoted by Shanker group.
The company operates a manufacturing plant in Simara, Bara, Nepal, dedicated to producing a range of steel products. The plant has a total installed capacity of 2,444,000 metric tonnes per annum (MTPA).
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