Reliance Spinning Mills IPO Oversubscribed Within 30 Minutes of Opening for Foreign Employment Applicants

The IPO of Reliance Spinning Mills Limited, issued specifically for Nepali citizens working abroad, witnessed overwhelming demand immediately after opening. According to the company, the issue was oversubscribed within just half an hour (by 10:30 AM).

Starting today (Monday), the company opened 115,596 shares for Nepali migrant workers. This portion represents 10% of the total 1,155,960 shares allocated for public issuance.

Within just one hour of opening, the company received applications for 118,340 shares, exceeding the available quota and indicating strong investor interest.

A total of 1,970 applicants submitted their forms through 36 different banks during this period. Nepali citizens working abroad can apply for the IPO until Thursday, Mangsir 25.

Market analysts say the rapid oversubscription reflects strong enthusiasm and investor confidence toward the IPO of Reliance Spinning Mills.