Reliance Spinning Mills has completed the allotment of its IPO issued specifically for Nepalis working abroad, following oversubscription and a lottery-based distribution.
Reliance Spinning Mills has successfully completed the allotment of its IPO, which was issued specifically for Nepalis employed overseas. The company had offered 115,596 shares at Rs 820.80 per share from Mangsir 22 to Mangsir 25. A total of 35,102 applicants applied for 1,944,330 shares, and all applications were accepted.
Due to the oversubscription, the IPO shares were allotted through a lottery system. Under this process, 2,311 applicants initially received shares at a minimum of 50 shares each. During the allotment, the remaining 46 shares were distributed among these investors, giving 46 applicants an additional one share each, resulting in a total of 51 shares for those 46 applicants.
This article was originally published on https://bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
