IPO Allotment: City Hotel Limited Allotted Shares To Nepalese Employed Abroad On 12th Baisakh

City Hotel Limited has allotted IPO shares to Nepalese citizens working abroad. The allotment program concluded on 12th Baisakh, 2080.

The issue of 1,67,400 units of IPO shares for Nepalese citizens working abroad opened on 21st Chaitra, 2079, and closed on 5th Baisakh, 2080. The issued capital of the company is Rs. 1.67 Arba of which 10% i.e. 16,74,000 unit shares worth Rs. 16.74 crores have been set aside for the general public. Out of the total 16,74,000 units; 10% i.e. 1,67,400 units were issued to 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 will be issued to the general public from 25th Baisakh, 2080.

As per the allotment module, a total of 16,740 applicants were allotted 10 units each. The issue had received a total of 19,748 applications for 568,090 units out of which 19,739 were valid applicants who had applied for a total of 567,970 units. 9 applicants who applied for 120 units were disqualified.

Global IME Capital Limited was appointed as the issue manager for the IPO issuance. Applications could 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.