583,896 applicants applied for 35,04,800 units, totaling Rs 25.38 billion.
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The IPO of Reliance Spinning Mills, Nepal's largest employer and export-oriented company, has received 33 times more applications than the general public.
Out of a total of 924,768 units, 354,800 units have been opened for applications as of Friday. 25 billion 383,398,840 rupees have been collected from applicants. This number of applications and the amount collected is probably the highest ever in the capital market of Nepal.
The company had opened the application for the largest part of the IPO (to the general public) issued on Poush 7. Although the period would have been extended to Poush 21 if full applications were not received by Poush 11, the application period was not extended due to the large number of applications received. The IPO, which was opened under the management of Global IME Capital Limited, was 'oversubscribed' within 40 minutes of the first day. Even after that, there was no decrease in the attraction of investors. Ultimately, it created a new history in the Nepali capital market.
The company has issued 19 lakh 26 thousand 600 shares worth 192.66 million rupees, equivalent to 10.14 percent of the issued capital of 1 billion 90 million. In the first phase, 40 percent or 770 thousand 640 shares have been distributed to eligible institutional investors through the book building method. Out of the 60 percent or 1155 thousand 960 shares to be issued to the general public, the remaining 924 thousand 768 shares have been allocated to Nepali citizens employed abroad, collective investment funds and employees. The shares have already been distributed after receiving about 17 times more applications for foreign employment and collective investment funds. This shows that investors are very eager and enthusiastic to become rich in the shares of Reliance Spinning Mills, which has a history of three decades.
