IPO Issue of Hotel Forest Inn Limited Closing Today; Oversubscribed 6.47 Times So Far

Hotel Forest Inn Limited is closing the issue of 33,20,000 units of IPO shares at a par value of Rs 100 from today, i.e. 26th Magh, 2082. The issue was opened for the general public on 22nd 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 will be issued for the general public and will be closed from today.

NIC Asia Capital Limited has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 2,00,000 units.

According to CDSC, 18,94,657 applicants have applied for 21,504,380 units. Thus, the issue has been oversubscribed 6.47 times.

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.