Reliance Spinning Mills is allotting shares today (Poush 1) for its IPO issued to Nepalis working abroad, following oversubscription during the application period.
Reliance Spinning Mills is conducting the allotment of shares today (Poush 1) for the IPO issued to Nepalis employed abroad. According to the issue manager Global IME Capital, the share allotment will be completed this morning. The company had issued 115,596 shares to Nepalis working overseas during the period from Mangsir 22 to Mangsir 25. Within the stipulated timeframe, the IPO received applications from 36,082 applicants seeking a total of 2,001,470 shares, significantly exceeding the number of shares on offer.
Due to the oversubscription, the company has stated that shares will be allotted at a minimum rate of 50 shares per applicant. Reliance Spinning Mills issued the IPO at a price of Rs 820.80 per share. Prior to this, under the book building guidelines, 770,640 shares were allotted to qualified institutional investors through the bidding process, where the cut-off price was fixed at Rs 912 per share. After providing a 10 percent discount on this cut-off price, the issue price for the public category was determined at Rs 820.80 per share.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
