IPO Application Deadline for Trade Tower Limited Extended by One Day
Author
NEPSE trading
Kathmandu — The initial public offering (IPO) of Trade Tower Limited has had its application deadline extended by one day. According to the issue manager, Laxmi Sunrise Capital, the deadline was extended because Sunday (Jestha 18) falls on the public holiday of Bhoto Jatra. As a result, interested investors can now apply until Monday, Jestha 20.
Previously, the last date to apply for the IPO was set for Jestha 19. Due to the public holiday, the extension provides applicants with an additional opportunity to invest.
Trade Tower Limited has received approval from the Securities Board of Nepal (SEBON) to issue 48.696% of its paid-up capital of NPR 815.6 million — that is, NPR 397.17 million worth of 3,971,693 shares.
Share Allocation Breakdown:
For Nepalis working abroad: 10% (397,169 shares) have already been allocated.
For employees: 79,434 shares have been reserved.
For mutual funds: 198,585 shares have been allocated.
For the general public: 3,296,505 shares are available at a face value of NPR 100 per share.
Use of IPO Proceeds:
Out of the total NPR 397.17 million expected to be raised:
NPR 300 million will go toward repaying loans and interest owed to Laxmi Sunrise Bank.
NPR 90 million will be invested in expanding Hotel Crystal Pashupati, adding rooms, and upgrading spa facilities.
NPR 7.17 million will be used for repairing the dome and roof of the Trade Tower building at Thapathali.
This deadline extension gives retail investors an extra day to apply for the IPO, and the company urges interested applicants to take advantage of the opportunity within the revised time frame.
