The public has applied for about 4.6 million shares in the initial public offering (IPO) issued by Reliance Spinning Mills on Monday alone. The company has opened the issue of 924,768 shares to the public since Monday.

The company said in a statement that 87,483 applicants had applied for 4,650,670 units on the first day, Monday, by 4 pm. “Applicants have collected Rs 3,817,269,936,” the statement said. “Previously, 17 times more applications were received for foreign employment and mutual funds.” The company has issued 1,926,600 units of shares worth Rs 192,266,000, which is 10.14 percent of the issued capital of Rs 1.9 billion. In the first phase, 40 percent, or 770,640 units, have been distributed to eligible institutional investors through the book building method. Out of the 60 percent, or 1,155,960 units, to be issued to the general public, the remaining 924,768 units have been allocated to Nepali citizens in foreign employment, collective investment funds and employees.