KATHMANDU, June 15: The IPO of Trade Tower has been allotted. The company’s issue and sales manager, Laxmi Sunrise Capital, carried out the allotment on Sunday.
According to the capital, 329,650 applicants received 10 units of shares each through the allotment process. The company had issued 3,296,505.19 units of shares worth Rs 329.65 million to the general public from May 28 to June 3.
Out of a total of 2.074 million applicants who applied for 24.11 million units, 2.059 million applications were approved, the sales manager stated.
Investors can check the IPO results of Trade Tower through the 'Mero Share' portal or the CDSC website.
Trade Tower Limited opens IPO for foreign Nepali migrants
Trade Tower had issued 3,971,693 units of shares worth Rs 397.17 million in its IPO, which accounts for 48.69 percent of the company’s total issued capital of Rs 815.6 million.
After allocating shares to migrant workers, mutual funds and employees in the initial phase, the remaining shares were allotted to the general public in the second phase.
Out of the total IPO issuance, 397,169.30 units were allocated to Nepali migrant workers. The company has reported a net profit of Rs 56 million up to Poush (Mid-January) of the current Fiscal Year (FY).
During this period, the company recorded earnings per share (EPS) of Rs 1.88 and a net worth per share of Rs 113.39.
Credit rating agency ICRA Nepal has assigned the company an [ICRA NP] IPO issuer rating of 'Double B Minus', indicating moderate risk in terms of its ability to meet financial obligations.
Trade Tower had applied for IPO approval at the Securities Board of Nepal (SEBON) in Ashadh 2079, and received approval on April 7.
