Kathmandu. Hotel Forest Inn Limited has opened its initial public offering (IPO) and sale application for the general public from today. The company is issuing a total of 33,20,000 units of ordinary shares to the general public.
Out of the total offered shares, 2,00,000 units have been set aside for the mutual funds and 80,000 units have been set aside for the employees. The general public can apply for the remaining shares. Applications can be place for minimum 10 units and maximum 10,000,000 units. Applications can be submitted through ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branch offices. In addition, the facility of online application is also available through the My Share system.
According to the company, the IPO will close on February 26 at the earliest and on February 22 at the latest. NIC ASIA Capital Limited has been appointed as the issue manager for the IPO issuance.
Hotel Forest Inn Limited had received permission from the Securities Board of Nepal (SEBON) on January 5 to issue 4 million units of ordinary shares at a face value of Rs 100 per share. In the first phase, the company has already issued the initial public offering (IPO) to the Nepali nationals who are in foreign employment from January 24 to January 24. After the first round of issuance, the company has opened the IPO to the general public in the second phase.
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