Trade Tower Limited is wrapping up the offering of 32,96,505.19 units of IPO shares at a nominal value of Rs 100 starting today, 20th Jestha, 2082. This offering was opened to the general populace on the 14 Jestha, 2082.
From the total of 39,71,69,300 units, 10% or 3,97,169.30 units have been allocated to Nepali citizens employed abroad. Moreover, 2% equivalent to 79,433.86 units is reserved for the workforce of the company, while 5% of the total offered shares, which amounts to 1,98,584.65 units, is designated for mutual funds. The remaining 32,96,505.19 units are available for the general public.
LS Capital Limited has been designated as the issue manager for the IPO launch. Applications may be submitted for a minimum of 10 units and a maximum of 1,000 units.
According to CDSC, there are 19,61,391 applicants who have expressed interest for a total of 2,33,60,070 units. Consequently, the issue has been oversubscribed by a factor of 7.08.
ICRA Nepal has reaffirmed a [ICRANP-IR] BB-issuer rating for Trade Tower Limited (TTL), signifying a moderate risk of default in fulfilling financial commitments. This rating represents overall creditworthiness and isn’t associated with any specific debt instrument.
Founded in 2007 and located in Thapathali, Kathmandu, Trade Tower Limited (TTL) is a publicly traded company focusing on leasing, financing, and infrastructure development. Its inaugural project, Trade Tower Thapathali, has been operational since April 2011. TTL recently opened Hotel Crystal Pashupati, a three-star hotel in Gaushala, which commenced partial operations in mid-April 2024 with 49 out of 90 rooms and two conference halls. By mid-October 2024, TTL is wholly owned by over 350 promoters, yet intends to issue an IPO, reducing promoter ownership to approximately 51%. Mr. Shiva Hari Dangal acts as the primary shareholder and chairman of the company.
