Nepal’s largest yarn industry to issue an IPO

Kathmandu, March 10

Reliance Spinning Mills Limited is the Nepal’s largest yarn industry. It is going to issue 1.46 million ordinary shares through book building method.

For the IPO issue, the company has appointed Global IME Capital Limited as the share issue and sale manager.

In this regard, an agreement was reached between Reliance Spinning Mills Limited and Capital at a function held at the corporate office of Reliance Spinning Mills Limited on Wednesday. The agreement was done in the presence of Pawan Golyan, Executive Chairman of Reliance Spinning Mills Limited and Akshay Golyan, Managing Director of Reliance Spinning Mills Limited. The agreement was signed by Director Sashikant Agrawal, on behalf of mills and Chief Executive Officer on behalf of capital.

Nepal’s largest spinning mill, which was formally registered with the Registrar of Companies in 2051 BS, is going to issue 40 percent of the 14,60,000 shares to eligible public investors and the remaining 60 percent to the public through book building method. The company has industrial factories at Duhabi and Khanar in Sunsari district and employs high-tech spinning plants and machinery. The company exports large quantities of its products to the world market, especially to India and Turkey.