Kathmandu. Trade Tower Limited is going to open the issue and sale of primary ordinary shares (IPO) from May 15. The company is going to issue the IPO for the general public after distributing the IPO issued for Nepalis in foreign employment.
The company has a issued capital of Rs 815.6million. It had received permission to issue 3,971,693 units of shares at a face value of Rs 100 per share worth Rs 397.169 million at a rate of 696 per cent. Of this, the company now has a face value of Rs 329.65 million with a face value of Rs 100 per share. A total of 19 units of shares are being issued for the general public.
In the first phase, the company has obtained labour approval from the concerned authorities of the Government of Nepal and 397,169 nepalis in foreign employment. 30 units, 198,584 for collective investment funds. 65 units and 79 thousand 433 units for employees. It has already issued and allotted 86 units of shares.
Applicants will have to apply for a minimum of 10 units of shares and a maximum of 1,000 units of shares. Applications for the IPO can be submitted at the earliest till June 15, while if the full application is not received within that period, the application can be submitted till June 30.
ICRA Nepal has given the company a double B minus in the rating for the IPO issue. This indicates that there is moderate risk in the company’s ability to bear the liability.
Laxmi Sunrise Capital Limited is the issue manager of the company. Investors can apply online using the software ‘Mero Share’ developed by all ASBA member banks and financial institutions and their designated branch offices and CDS and Clearing Limited approved by the Securities Board of Nepal through the C-ASBA system.
