Kathmandu. Hotel Garima Limited, owned by five-star hotel Soaltee Westend Itahari, is set to issue initial public offering (IPO). The company is planning to raise a total capital of Rs 40 crore by issuing 4 million units of shares at a face value of Rs 100 per issue to the general public.

Hotel Garima Limited has appointed Laxmi Sunrise Capital Limited as the issue manager for the IPO issuance. Bijay Lal Shrestha, Chief Executive Officer of Laxmi Sunrise Capital and General Manager of Hotel Garima Limited signed the agreement on January 12, 2082 at Laxmi Sunrise Capital’s office in New Baneshwor, Kathmandu.

According to the company, this move is expected to contribute to the long-term development of the hotel, increase the transparency of the company and contribute to the development of the Nepalese hospitality industry and tourism sector. It is believed to play an important role in expanding investment opportunities, especially in Koshi Province.

The hotel, managed by Soaltee Hotel and Resort Group, includes one royal suite, eight suites, eight executive rooms, 58 deluxe rooms and seven studio rooms. The hotel also has modern amenities including two banquet halls, three seminar halls, a spa, a gym, a restaurant and a café lounge run by the Nuwad Thai brand.