Kathmandu. Reliance Spinning Mills is going to issue an initial public offering (IPO) from December 7. The company is going to issue IPO for Nepalis who are in foreign employment.
The company is issuing 1,15,596 units of shares i.e. 10% of the ordinary shares allotted for the public offering. The face value of the company is Rs 100 per share. However, the price per share of the company is Rs 820.80. Accordingly, the interested investors can apply for the shares at a price of Rs 820.80 per share.
Last year, the company had issued 7,70,640 units of shares to eligible institutional investors through book building method. The company has set a price range of Rs 608 to Rs 912 per share for qualified institutional investors. Accordingly, the cut-off price was fixed in the upper range. The share price was Rs 820.80 per share with a discount of 10 percent.
Applications can be place for minimum 50 units and maximum 20,000 units. The IPO will be issued on December 9 at the earliest and after the banking hours on December 22.
The interested bidders can apply for the shares from all ASBA member banks and financial institutions approved by the Securities Board of Nepal (SEBON) and their designated branches and CDSC. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.
