Deadline Extended for 32,96,505.19 Units Shares of Trade Tower Limited; Issue Oversubscribed By 6.23 Times So Far

Trade Tower Limited (TTL) has extended the deadline for its 32,96,505.19 unit IPO share issue until 20th Jestha, 2082. The issue opened on 14th Jestha, 2082. The early closing date of this issue was today, i.e., on the 19th Jestha, 2082.

Out of the total 39,71,69,300 units, 10% i.e., 3,97,169.30 units, have already been issued to Nepalese citizens working abroad, whereas 2% i.e. 79,433.86 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 1,98,584.65 units have been set aside for the mutual funds. The remaining 32,96,505.19 units are for the general public.

LS Capital Limited has been appointed as the issue manager for the IPO issuance. Applications could be placed for a minimum of 10 units and a maximum of 1,000 units.

According to CDSC, 17,20,343 applicants have applied for a total of 2,05,68,080 units. Thus, the issue has been oversubscribed by 6.23 times.

ICRA Nepal has reaffirmed a [ICRANP-IR] BB-issuer rating for Trade Tower Limited (TTL), indicating a moderate risk of default in meeting financial obligations. The rating reflects overall creditworthiness and is not tied to any specific debt instrument.

Trade Tower Limited (TTL), established in 2007 and based in Thapathali, Kathmandu, is a public limited company engaged in leasing, financing, and infrastructure development. Its first project, Trade Tower Thapathali, has been operational since April 2011. TTL recently launched Hotel Crystal Pashupati, a three-star hotel in Gaushala, which began partial operations in mid-April 2024 with 49 out of 90 rooms and two conference halls. As of mid-October 2024, TTL is fully owned by over 350 promoters but plans to issue an IPO, reducing promoter holding to around 51%. Mr. Shiva Hari Dangal is the company’s major shareholder and chairman.

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