Kathmandu. Reliance Spinning Mills (RIL) has received 18 times more applications for the initial public offering (IPO) of Reliance Spinning Mills.

Out of the total offered 1,155,960 units, the company has set aside 5% i.e. 57,798 units for mutual funds. Out of which 9,24,768 units have been applied, which is 18 times more than the demand for the company.

A total of 45 schemes of mutual investment fund had applied for 57,798 units of shares issued by Reliance. Out of them, shares have been distributed to 41 schemes.

In the Nepalese capital market, mutual funds are considered to be a financial instrument operated by skilled and experienced experts. The attractiveness of the capital market savvy institutions to buy shares of Reliance has confirmed the company’s strong financial position, confidence and confidence in the future.

The IPO issued for foreign employment has also received almost many applications. The company had issued 1,15,596 units of shares to foreign employment investors on Monday. A total of 36,082 applicants have applied for 2,01,470 units of shares till Thursday.

This is probably the highest number of IPOs from foreign investors in the history of Nepalese capital market. Out of the total 1,155,960 units of shares set aside for the public offering (IPO), Reliance had issued 10% to foreign employers.

If the full application is not received within the stipulated time, it can be extended till 7th December, but if the applications exceed the demand, the issue period will not be extended. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

The company’s price per share is Rs 820.80. According to the book building guidelines, the cut-off price of the company was set at Rs 912 for allotting 7,70,640 units of shares to the eligible institutional investors through bidding system.

The price of the share was Rs 820.80 per share. Applications can be place for minimum 50 units and maximum 20,000 units. Global IME Capital Limited has been appointed as the issue manager for the IPO issuance.

The company had received applications for 1,18,340 units of shares within half an hour of the IPO issuance on Monday. Even after that, there was no lack of enthusiasm among the investors during the stipulated period.

The interested bidders can apply for the shares online from all ASBA member banks and financial institutions and their designated branches.