Kathmandu: Jay Ambe Steels Limited, a leading steel industry in Nepal, has entered into a partnership with NIMB ACE Capital Limited to issue shares to the public through an Initial Public Offering (IPO) at a premium price. The number of shares to be issued will be decided through the company’s Annual General Meeting (AGM) or Special General Meeting (SGM).

Established in 2019, Jay Ambe Steels Limited operates the most modern steel factory in Nepal, with a production capacity of 1,000 tons per day. It is the largest steel factory in Western Nepal, supplying 80% of the region’s market under the “Ambe” brand. Located in Banke District, Nepalgunj, the plant produces a range of construction materials, including TMT steel, MS billet, MS flat, MS square, Torkari, and Gabion Boxes.

The company is a part of the Ambe Group, one of Nepal’s largest conglomerates with a total yearly turnover exceeding $300 million. Jay Ambe Steels is the second steel manufacturing company under the Ambe Group, with Mr. Shovakar (Hari) Neupane serving as the chairman.

Jay Ambe Steels Limited has played a crucial role in supplying high-quality, reliable construction materials, contributing to the development of Nepal’s construction sector and significantly reducing steel imports. The company aims to raise capital from the public debt market to expand its production capacity.

The agreement between Jay Ambe Steels and NIMB ACE Capital was signed in the presence of representatives from both organizations.