. Reliance Spinning Mills has received a very encouraging response on the first day of its IPO for foreign workers. Out of 1,155,960 units, 10% i.e. 1,115,596 units have been allocated in foreign employment category. Out of this, 5,89,850 units of shares were applied from 10,020 applicants on Monday, which is 5.1 times more than the demand.

The company’s price per share has been fixed at Rs 820.TAG_OPEN_p_7 80. According to the book-building process, the cut-off price was fixed at Rs 912 while allotting 7,70,640 units of shares among qualified institutional investors. The final price decreased by 10 percent to Rs 820.80. Applications can be place for minimum 50 units and maximum 20,000 units.

The IPO issuance will remain open till December 2 TAG_OPEN_p_6 5 (Thursday). Although there is a provision that the period can be extended till December 20 if the required applications are not received, there is no possibility of extension of the period as the number of applications does not decrease on the first day. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

Within half an hour of the IPO on Monday, the demand for 1,18,340 units was reached and ‘over-subscribed’ was reached.TAG_OPEN_p_5 Even after that, the enthusiasm of the investors remained the same throughout the day. The interested bidders can apply from all ASBA member banks and financial institutions, their branches and through the online system ‘My Share’ online system approved by the Securities Board of Nepal (SEBON).