Reliance Spinning Mills IPO Approved: 1.16 Million Shares to be Issued

The Securities Exchange Board of Nepal (SEBON) has approved the IPO proposal of Reliance Spinning Mills Limited. The company will issue 1,155,960 shares to the public at NPR 820.80 each via the book-building method.

Previously, Reliance Spinning Mills issued 770,640 shares to Qualified Institutional Investors (QII) at NPR 912 per share. In total, the company is issuing 1,926,600 shares, representing 10.14% of its Rs 1.90 Arba capital, with 60% allocated to the public.

The IPO requires a minimum application of 50 units. Global IME Capital is managing the issue. This is Nepal’s second IPO under the book-building method, following Sarbottam Cement Limited.

Reliance Spinning Mills, established in 2051 B.S., is Nepal’s largest yarn manufacturer, producing international standard Polyester, Viscous, and Acrylic yarn. The company operates two units in Sunsari, with a total annual capacity of 40,680 MT.