BIRATNAGHAR, July 9: Purwanchal Lube Oil Pvt Ltd (PLO) is going to issue an IPO. The company is about to issue an IPO on the occasion of its 23rd year of establishment after being converted into a public limited company. The company has said that it is preparing to issue the IPO through the book-bidding method.
The company, which has a paid-up capital of Rs 200 million, has prepared to issue 400,000 shares. Director of PLO, Bholeshwar Dulal said that 10 percent shares will be given to local residents of Sundarharaicha, another 10 percent shares to employees and the rest will be given to institutional investors and the general public.
According to Dulal, the company has a reserve fund of Rs 230 million. Managing Director Dulal said that after issuing shares to the general public, they will earn more than 200 million rupees annually and the company can give a return of up to 100 percent from the first year after issuing shares.
The company has proposed a price of Rs 832 per share to be issued through the book bidding method. The company, which has its head office in Sundarharaicha Municipality of Morang, has been producing PLO brand lubricants.