City Hotels Limited, a promoter of Hyatt Place is set to float 10 percent of the company Capital as IPO to general public including company staffs and Mutual Fund schemes. The company has assigned Global Capital Limited as their issuance and sales manager.
The agreement was signed between Shakti Kumar Golyan, Chairman of City Hotels Limited and CEO of Global capital, Mr Parasmani Dhakal on Tuesday. The IPO will be issued to General public at Rs 10 per share.
The company is yet to send the proposal to Securities Board Of Nepal (SEBON) for the approval. If approved, City Hotels Limited will only be the Fifth tourism and hospitality company to be listed in Nepal Stock (NEPSE). The other four are Soaltee Hotel Limited, Taragaon Regency Hotels, Chandragiri Hills limited and Oriental Hotels Limited.
Meanwhile, SEBON has not yet approved any IPO proposal for a while now. As a result, there are tons of IPO proposals by different companies waiting for the approval.
So it might take a while before people get to apply for the City Hotels Limited's IPO.
The share market of Nepal is dominated by hydropower companies as of now and several more of these new companies which are waiting for IPO approval are to be listed soon. Only few companies from Tourism and hospitality sector is listed soon and City Hotels limited is set to be another one of them.
City Hotels limited is promoted by some of the well known business figures of Nepal, Golyan group being one of them. It is a promoter of Hyatt Place which is one of the fine and Luxurious 5- star hotel of Nepal.
Hyatt Place which is located in Tahachal came in operation from Karthik (2078). With Luxurious services, fine dining restaurants, banquet and pools, some of the rooms provide excellent views of the capital before the hills.
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