Orchid Holdings to Float IPO | Submits Application to SEBON
December 4, 2023 | Investopaper
Orchid Holdings Limited is in the process of issuing shares to the general public (IPO). For this purpose, the company has submitted the application to the Securities Board of Nepal (SEBON) on Mangsir 13, 2080 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
If approved by SEBON, the company plans to sell 1,15,00,000 shares that amounts to Rs. 115 crores in the public offering.
The company has already appointed Laxmi Capital Markets Limited as the issue and sales manager. An agreement has been reached between the company and Laxmi Capital on this regard. The agreement was signed by Sudhir Man Maskey, Managing Director Of Orchid Holdings and Rajiv Sapkota, Chief Executive Officer of Laxmi Capital Markets Limited.
In the first phase, the company will issue shares to the foreign employed Nepalese. Likewise, in the second phase, the company will float shares to the general public, including the employees of the company and the mutual fund schemes.
About Orchid Holdings Limited
Orchid Holdings Limited was established in November 13, 2007 as a private limited company. Later it was transformed into a public company in order to issue shares to the general public.
The company is currently operating a 4-star hotel in Kathmandu, named “Hotel Crowne Imperial.” The hotel, with a total of 131 rooms, was officially inaugurated on August 01, 2019.
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