City Hotel Limited Closing IPO Issue for Nepalese Employed Abroad from Today; Issue Oversubscribed by 3.47 Times So Far

City Hotel Limited is closing the issue of 1,67,400 unit shares of Rs 100 face value from today i.e. on 5th Baisakh, 2080 to Nepalese Citizens working aboard. The issue opened on 21st Chaitra, 2079.

Similarly, the company will be issuing 13,55,940 unit shares of Rs 100 face value to the general public from 25th Baisakh, 2080. The early closing date of this issue is on 28th Baisakh and if the issue is not fully subscribed, it can be extended up to 8th Jestha, 2080.

Out of the total 16,74,000 units; 10% i.e. 1,67,400 units have been set aside for Nepalese citizens working abroad, whereas 4% i.e 66,960 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 83,700 units have been set aside for the mutual funds. The remaining 13,55,940 units are for the general public.

The total paid-up capital after the IPO allotment would be Rs 1.67 Arba of the company.

According to CDSC, 19,587 applications have been received through Nepalese citizens working abroad for a total of 582,250 units. Thus, the issue is already oversubscribed by 3.47 times so far.

Global IME Capital Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 2,000 units.

City Hotel Limited, incorporated on December 05, 2007, is the developer and operator of a new five-star hotel, The Hotel Hyatt Place of Soaltee mode. The hotel has 153 rooms and belongs to the Golyan Group of companies. The company is being promoted by 7 shareholders who have infused total paid-up equity of Rs. 1.50 arba as of now.

Closing Notice