KATHMANDU, May 28: Trade Tower Company has issued its Initial Public Offering (IPO).
The company opened the second phase of its IPO to the general public starting Wednesday. After allocating shares to migrant workers, mutual funds, and employees, the company has now issued 3,296,505.19 units of IPO shares for the general public.
Investors can apply for a minimum of 10 units and a maximum of 10,000 units at a par value of Rs 100 per share. According to the issue manager, the IPO will remain open until June 2.
Trade Tower Limited opens IPO for foreign Nepali migrants
Trade Tower has received approval to issue 3.971 million 3 units of shares worth Rs 397.16 million, which is 48.69 percent of its total issued capital of Rs 815.69 million.
Out of the total IPO issuance, 397,169.30 units were allocated to Nepali migrant workers. According to the company’s report, it recorded a net profit of Rs 56 million by the end of Poush (mid-January).
During this period, the earnings per share (EPS) stood at Rs 1.88, and the net worth per share was Rs 113.39.
The company had submitted its IPO application to the Securities Board of Nepal (SEBON) in Ashar 2079 (June/July 2022) and received approval on April 7. The issue and sales manager for the IPO is Laxmi Sunrise Capital Limited.
