Jay Ambe Steels partners with NIMB ACE Capital for IPO

KATHMANDU: Jay Ambe Steels, a leading steel manufacturer, has announced partnership with NIMB ACE Capital to issue shares to the public at a premium through an Initial Public Offering (IPO). The number of shares to be issued will be determined at the company's annual general meeting (AGM) or special general meeting (SGM).

Established in 2019, Jay Ambe Steels is the most modern steel factory in Nepal, boasting a production capacity of 1,000 tonnes per day. As the largest steel factory in Western Nepal, it supplies 80% of the region's market under the 'Ambe' brand. The production plant, located in Nepalgunj, Banke District, manufactures various construction materials, including TMT steel, MS billet, MS flat, MS square, Torkari, and Gabion boxes.

Owned by the Ambe Group, one of Nepal's largest conglomerates with an annual turnover exceeding $300 million, Jay Ambe Steels is the second steel company under the group. The company is chaired by Shovakar (Hari) Neupane.

Jay Ambe Steels is renowned for providing high-quality and reliable construction materials. It contributes to Nepal's construction sector reducing the need for steel imports. The company aims to raise capital in the public debt market to fund its expansion and enhance production capabilities.

The agreement was signed in the presence of representatives from both organisations.