Hotel Forest Inn Limited has successfully completed the allotment of its initial public offering (IPO) issued exclusively for Nepali citizens working abroad. Under the management of issue and sales manager NIC Asia Capital Limited, the company allotted 400,000 ordinary shares worth NPR 40 million, representing 10 percent of its issued capital. The shares were issued at a face value of NPR 100 per share in accordance with the prospectus approved by the Securities Board of Nepal (SEBON).
Applications for the IPO were accepted through the “Mero Share” system from Magh 4 to Magh 8, 2082 (B.S.), via C-ASBA member banks and financial institutions. The offering was open only to Nepali citizens working abroad who had obtained labor approval from the relevant government authority.
During the application period, a total of 81,797 applicants applied for 1,293,040 shares. Out of these, applications from 6,689 applicants seeking 147,280 shares were rejected due to various reasons. After the rejection, applications from 75,108 applicants covering 1,145,760 shares were approved.
Additionally, applications submitted by nine applicants using duplicate beneficiary accounts were also canceled. These applicants had applied for 190 shares through 18 separate applications. From the remaining 75,090 valid applicants, shares were allotted to 40,000 applicants through a lottery system, with each successful applicant receiving 10 shares, totaling 400,000 shares.
Applicants can check the IPO allotment results through NIC Asia Capital Limited, the CDSC IPO Result Portal, or by logging into their Mero Share account using their DP ID and application details.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
