Natural Spirits Nepal to Issue IPO, Appoints Muktinath Capital as Issue Manager

1st September 2025, Kathmandu

Natural Spirits Nepal Limited, the producer of the popular alcoholic beverage brand “Seto Bagh Vodka,” has moved forward with the process of issuing its Initial Public Offering (IPO) to the general public.

Natural Spirits to Issue IPO

The company has officially appointed Muktinath Capital Limited as its issue and sales manager for the IPO.

Agreement with Muktinath Capital

To formalize the appointment, a special agreement signing ceremony was held at the office of Muktinath Capital. The memorandum of understanding (MoU) was signed between Mr. Asim Sitaula, Chairman of Natural Spirits Nepal, and Mr. Kabindra Dhwoj Joshi, CEO of Muktinath Capital.

As per the agreement, Natural Spirits Nepal will issue 1.5 million ordinary shares, which accounts for 20 percent of its issued capital, to the public. This move is expected to open investment opportunities for the general public and strengthen the company’s financial base for future expansion.

Background and Establishment

Natural Spirits Nepal Limited was established in 2014 (Mangsir 14, 2071 B.S.). However, it officially began commercial production in 2021 (2077 B.S.).

The company’s manufacturing plant is located in Galchi Rural Municipality of Dhading district, spanning 20 ropani of land. Its central corporate office is situated in Hadigaun, Kathmandu.

The company has its roots in a family business, which was gradually expanded and modernized with the adoption of advanced technology and innovative branding strategies. Within a short time, Natural Spirits Nepal has succeeded in creating a strong identity in the Nepali liquor market.

State-of-the-Art Production Facility

The production unit of Natural Spirits Nepal is equipped with modern facilities designed to ensure quality, efficiency, and large-scale output.

The facility houses two semi-automatic bottling lines, allowing the company to maintain consistency and speed in production.

It also operates seven blending tanks with a capacity of 11,000 liters each.

Additionally, there are five Extra Neutral Alcohol (ENA) tanks, each with a storage capacity of 25,000 liters.

With this infrastructure, the company has reported an annual production capacity of 12 million liters, placing it among the leading beverage manufacturers in Nepal.

Product Portfolio and Market Presence

Currently, Natural Spirits Nepal has introduced two products in the Nepali market:

• Sarangi Whisky (40 UP)
• Seto Bagh Vodka (30 UP)

Both brands have received positive market response, with “Seto Bagh Vodka” gaining significant popularity. Building on this momentum, the company has announced its plan to launch a new vodka brand, “Rara Blues 40 UP,” in the near future.

By continuously innovating its product line, Natural Spirits Nepal aims to capture a diverse consumer base and strengthen its presence in Nepal’s competitive liquor industry.

Commitment to Quality and Growth

Speaking about the IPO issuance and the company’s long-term vision, Chairman Asim Sitaula emphasized that quality, innovation, and customer satisfaction remain the highest priorities for Natural Spirits Nepal. He further added that the IPO will not only help raise capital but also foster greater transparency, accountability, and public trust.

Mr. Sitaula reiterated the company’s ambition to establish itself as a leading force in Nepal’s liquor industry by:

• Delivering high-quality products.
• Innovating with modern branding and marketing strategies.
• Expanding production and distribution to meet growing demand.
• Creating long-term value for both customers and investors.

Significance of the IPO

The upcoming IPO marks a major milestone for Natural Spirits Nepal. It will:

• Allow the general public to participate in the company’s growth journey as shareholders.
• Enable the company to mobilize resources for expansion projects, including the launch of new products and capacity upgrades.
• Enhance the company’s corporate governance and credibility in Nepal’s financial market.
• Industry experts believe that the IPO will attract strong investor interest, particularly given the company’s growing market share and ambitious expansion plans.

Conclusion

With its official decision to issue an IPO and the appointment of Muktinath Capital as its issue manager, Natural Spirits Nepal Limited has taken a significant step toward becoming a publicly listed company. Backed by a modern production facility, a growing product lineup, and a strong brand identity, the company is well-positioned to achieve its goal of becoming a leading player in Nepal’s liquor industry.

The IPO issuance not only symbolizes financial growth but also reflects the company’s commitment to quality, innovation, and long-term sustainability. For investors and consumers alike, Natural Spirits Nepal represents a promising brand with strong potential for future success.

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