Reliance Spinning Mills to Float 11,55,960 Shares to Public @ Rs. 820.80 per Share [IPO]

February 14, 2024 | Investopaper

After issuing the shares to the institutional investors through the book-building process, Reliance Spinning Mills Limited is going to float the shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board of Nepal (SEBON) on Magh 23, 2080 BS. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.

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The company is planning to issue 11,55,960 shares at a price of Rs. 820.80. Hence, the total public issue amounts to Rs. 94.88 crores.

In the first phase, the company will sell the shares to the foreign employed Nepalis. 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.

The company has appointed Global IME Capital as an issue and sales manager for the IPO.

Earlier, Reliance Spinning Mills had auctioned 770,640 lakh shares to the qualified institutional investors from Magh 10, 2080 BS to Magh 14,2080 BS.

About Reliance Spinning Mills Limited

Reliance Spinning Mills is the largest spinning mill of Nepal. Established in 1994 (2051 BS), the company has two factories. It is promoted by Golyan Group in joint venture with Maliram Shivkumar (MS) Group.


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