Jay Ambe Steels partneres with NIMB ACE Capital to issue shares

KATHMANDU:Jay Ambe Steels Limited, a leading steels industry, has partnered with NIMB ACE Capital Limited to issue shares at premium to the public through Initial Public Offering (IPO). The number of issuing shares will be approved through the AGM/SGM of the company.

Jay Ambe Steels Limited was established in 2019 as the most modern steel factory in Nepal with a production capacity of 1,000 tons per day. As the largest steel factory in Western Nepal, it supplies 80% of the region’s market under the “Ambe” Brand. Located in Banke District in Nepalgunj the production plant produces construction materials, including steel and bars, such as TMT steel, MS billet, MS flat, MS Square, Torkari, and Gabion Boxes.

The company is owned by Ambe Group, one of the largest conglomerates in Nepal, with a total yearly turnover exceeding $300 million. Jay Ambe Steels is the second steel company under Ambe Group. The chairman of the company is Mr. Shovakar (Hari) Neupane.

Jay Ambe Steels Limited provides high-quality and reliable construction materials that meets customer needs and has significantly contributed to the strengthening of Nepal’s construction sector while also reducing the need for steel imports. The company plans to raise capital in the public debt market in order to fund the expansion and production capability.

 

The agreement has been signed in the presence of the authorities from both the organization.