Hotel Forest Inn Limited IPO Allotment Concludes: Lucky 3,32,000 Applicants Allotted 10 Units Each via Lottery System

Hotel Forest Inn Limited's IPO allotment was concluded today at the premises of the issue manager, Holiday Inn Resort, Budhanilkantha, Kathmandu.

The company had issued 33,20,000 units as an Initial Public Offering (IPO) to the general public from (22nd Magh, 2082 to 26th Magh, 2082).

The issued capital of the company is Rs. 2 Arba. Of this, 20%, i.e., 40 Lakh unit shares, will be issued to the public. Of this general public issue, 10% of 40,00,000, a total of 4,00,000 unit shares, were already allotted to the Nepalese citizens working abroad. Of the general public issue, 2%, i.e., 80,000 units, have been set aside for the company's employees, and 5% of the total offered shares, i.e., 2,00,000 units, have been set aside for the mutual funds. The remaining 33,20,000 units were issued for the general public.

The issue received a total of 23,71,315 valid applications for 25,745,700 units. Meanwhile, 33,162 applications for 4,11,660 units were disqualified.

As per the allotment results, 3,32,000 applicants were allotted 10 units each through a lottery system.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Nic Asia Capital Limited.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB-’ to the long-term bank facilities of Hotel Forest Inn Private Limited.

Hotel Forest Inn Private Limited was incorporated on November 22, 2010, and is constructing a hotel in Budhanilkantha, Kathmandu, which spans 142,783 sq ft of land. The hotel will feature a total of 102 room keys and is proposed to be categorized as a 5-star hotel property. The hotel is expected to start operation in October 2023. The hotel has entered into a ‘License Agreement’ with InterContinental Hotels Group (IHG) for the international hotel brand ‘Holiday Inn,’ an American-based mid-scale hotel chain.