City Hotel Closing IPO To General Public From Today
May 8, 2023 | Investopaper
City Hotel Limited, the promoter of Hyatt Place Hotel, is currently selling shares to the general public in the second phase of an Initial Public Offering (IPO).
The company is issuing 15,06,600 shares shares to the general public from Baisakh 25, 2080 BS.
Due to over-subscription of shares, the public issue will close on Baisakh 28, 2080 BS.
The company is issuing 15,06,600 shares to the general public, including 83,700 shares to the mutual fund schemes, 66,960 shares to the employees of the company.
One can apply for a minimum of 10 shares and a maximum of 2,000 shares.
In the first phase of the IPO, the company had floated 1,67,400 shares (10% of the public’s quota) to the foreign employed Nepalese from Chaitra 21, 2079 BS to Baisakh 5, 2080 BS.
In total (including first and second phases of IPO), the company plans to issue 16,74,000 shares that amounts to Rs. 16.74 crores.
For this purpose, Securities Board of Nepal (SEBON) had given the approval to the company on Chaitra 5, 2079 BS. The company had submitted the application to the board on Chaitra 30, 2078 BS seeking permission for the public offering.
The company has already appointed Global IME Capital as the issue and sales manager. The agreement has been signed by Shakti Kumar Golyan, Chairman of City Hotel Limited, and Parasmani Dhakal, Chief Executive Officer of Global IME Capital.
City Hotel Limited is promoted by Golyan Group, Kamlesh Agrawal, and Harish Chandra Subedi.
Hyatt Place Hotel started operation from Karthik 15, 2078 BS. It has 153 rooms, a restaurant, a banquet hall, gym, swimming pool, and a conference hall with a capacity of up to 400 people.
After the IPO, the general public will possess 10 percent shares in the company while the promoters will hold the remaining 90 percent shares.
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