City Hotel Limited (Hyatt Place) opens its initial public offering (IPO) for trading. The company has opened the IPO from Monday, 25th of Baishakh. After releasing the IPO for Nepali employees working in foreign employment in the first phase, the hotel plans to release it for the general public as well.

The company had received permission to release 1,674,000 ordinary shares, which is equivalent to Rs 74 million or 10 percent of the total capital, through the IPO from Nepal Securities Board. The company is going to issue the IPO at a face value of NPR 100.

During the first phase of the public issue, 167,400 shares were issued for Nepali citizens who have been working abroad after receiving approval from the relevant authority of the Nepali government. Similarly, 83,700 shares were set aside for group investment funds and 66,960 shares for employees.

The remaining 1,355,940 shares will be available for general investors, who can apply for 1,355,940 shares until 28 Baishakh. If the application is not received as per demand within the said period, the application period will be extended till 8 Jestha. The investors can apply for a minimum of 10 units and a maximum of 2,000 units in the IPO.

The IPO funds will be utilized to pay off loans, and to expand the hotel’s infrastructure and capacity. City Hotel Limited is a leading 5-star hotel in Kathmandu, located in the heart of the city.