KATHMANDU, Jan 18: Hotel Forest Inn Limited has launched its Initial Public Offering (IPO), opening applications from Sunday in the first phase for Nepalis employed abroad.
The company has allocated shares worth Rs 40 million for migrant workers, issuing 400,000 ordinary shares at a face value of Rs 100 per share. Eligible investors can apply for a minimum of 10 shares and a maximum of 200,000 shares until January 22.
Hotel Forest Inn has received approval to issue an IPO amounting to 20 percent of its issued capital of Rs 2 billion, equivalent to Rs 400 million. Following the allotment to Nepalis working overseas, the company will proceed with issuing shares to the general public in the second phase.
Nepal hotel holds record for highest altitude hotel in world, M...
For the IPO, Infomerics Credit Rating Nepal has assigned the company an IRN BB- issuer rating, indicating a moderate level of risk in meeting its financial obligations.
As of mid-July last year, the company has reported a cumulative loss of Rs 239.4 million.
Hotel Forest Inn operates the five-star “Holiday Inn Resort Budhanilkantha,” located at Nagarjun Hill in Budhanilkantha, Kathmandu. The resort is operated under the Holiday Inn brand of the InterContinental Hotels Group. The property features 104 rooms, an outdoor swimming pool, gym, spa, recreational areas and modern conference facilities, targeting both domestic and international tourists.
The project includes investment from former Energy Minister Deepak Khadka, while Binita Thapa Khadka serves as the chairperson of the hotel’s Board.
