Trade Tower Limited IPO Allotment Concludes: Lucky 3,29,650 Applicants Allotted 10 Units Each via Lottery System

Trade Tower Limited's IPO allotment was concluded today at the Hotel Crystal Pashupati, Gaushala, Kathmandu.

Trade Tower Limited had issued 32,96,505.19 units worth Rs 32.96 crores as an Initial Public Offering (IPO) to the general public (14th Jestha- 20th Jestha, 2082).

Out of the total 39,71,69,300 units, 10% i.e., 3,97,169.30 units had already been issued to Nepalese citizens working abroad, whereas 2% i.e., 79,433.86 units had been set aside for the employees of the company, and 5% of the total offered shares i.e., 1,98,584.65 units had been set aside for mutual funds. The remaining 32,96,505.19 units were issued for the general public at a par value of Rs. 100.

The issue received a total of 2,074,285 applications for 24,117,480 units, resulting in an oversubscription of more than 7.31 times. Meanwhile, 14,897 applications were rejected.

According to the allotment module, a total of 3,29,650 applicants received 10 units each through a lottery, 5 applicants received 1 unit each, and 1 applicant was allotted 0.19 units.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and LS Capital Limited.

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.