Kathmandu. NIC ASIA Capital and Hotel Eastern Nepal Limited have signed an agreement for the IPO issuance. As a part of its ‘Idea to IPO’ service, NIC ASIA Capital will provide all the required financial and consultancy services till the IPO issuance by converting Hotel Eastern Nepal into a public company.

The Eastern Nepal Limited is a five-star hotel of international standard under construction at Dhulabari of Mechinagar municipality-10 in Jhapa district. The hotel will be operated under the brand name ‘Holiday Inn Express and Suites’. The company has already signed an agreement with International Hotel Group for hotel management.

The hotel, which is in the final stage of construction, is expected to be opened by the current fiscal year 2082÷83. The hotel will have facilities including casino, high-end gaming and entertainment service, rooftop swimming pool, modern rooms and suites, banquet hall, multipurpose restaurant, rooftop restaurant, jacuzzi, spa, health club, in-house laundry and professional housekeeping.

The hotel is located about 7 kilometers from the India-Nepal border and about 27 kilometers from Bagdogra Airport of India. The company’s strategy is to provide services targeted to Indian tourists as it is located in the border area. The operation of Hotel Eastern Nepal is expected to contribute significantly to the development and promotion of tourism not only in eastern Nepal but also in the entire Nepalese tourism.

NIC ASIA Capital has been providing consultancy services to convert a private company into a public company, proceed with the IPO process and enter the capital market through its ‘Idea to IPO’ service.