Hotel Forest Inn Opens IPO for General Public with 3.32 Million Shares on Offer
Hotel Forest Inn Limited has launched its IPO for the general public from Magh 22, 2082, issuing 3.32 million shares at a face value of Rs. 100 per unit.
Hotel Forest Inn Limited has officially opened its Initial Public Offering (IPO) for the general public starting today, Magh 22, 2082. The company is issuing a total of 3,320,000 ordinary shares at a par value of Rs. 100 per share.
The IPO will close early on Magh 26, 2082. However, if the issue is not fully subscribed by that date, the closing deadline will be extended until Falgun 8, 2082.
The company has an issued capital of Rs. 2 Arba, of which 20 percent—equivalent to 4,000,000 shares—has been allocated to the public. From this public portion, 10 percent (400,000 shares) have already been allotted to Nepalese citizens working abroad.
Similarly, 2 percent of the public issue, amounting to 80,000 shares, has been reserved for company employees, while 5 percent (200,000 shares) has been set aside for mutual funds. The remaining 3,320,000 shares are available to the general public from today.
NIC Asia Capital Limited has been appointed as the issue manager for the IPO. Investors can apply for a minimum of 10 shares and a maximum of 200,000 shares.
CARE Ratings Nepal Limited (CRNL) has assigned a ‘CARE-NP BB-’ rating to the company’s long-term bank facilities, indicating a moderate level of credit risk.
Hotel Forest Inn Private Limited was incorporated on November 22, 2010. The company is developing a hotel project in Budhanilkantha, Kathmandu, covering an area of 142,783 square feet. The hotel will feature 102 rooms and is planned as a five-star category property. The project has entered into a license agreement with InterContinental Hotels Group (IHG) to operate under the ‘Holiday Inn’ brand.