Mountain Glory Forest Resort appoints LS Capital as IPO Issue Manager

KATHMANDU:Mountain Glory Forest Resort is going to issue 4 million shares in an initial public offering (IPO). The company is going to issue  4 million IPO shares with a face value of Rs 100.

The company has appointed LS Capital as the issue and sales manager for this. The two companies reached an agreement on this on Friday. The agreement was signed by Sunil Bhakta Shrestha, Chairman of Mountain Glory Forest Resort, and Bijaya lal Shrestha, CEO of LS Capital.

Mountain Glory, which has an issued capital of Rs 1.5 billion, has been operating Mountain Glory Forest Resort and Spa for eight years. The resort has 64 rooms and covers an area of around 70 ropanis.

According to the company's statement issued  that after issuing the IPO, there is a plan to provide five-star level facilities in collaboration with foreign hotels by adding rooms.