Kathmandu. Time Pharmaceuticals Limited has started the process of issuing initial shares (IPO) to the general public. The company is preparing to issue shares through book building method.

The company will issue 4,34,600 units of ordinary shares at a face value of Rs 100 per share to the eligible institutional investors. Nepal Stock Exchange Limited (NEPSE) and Time Pharmaceuticals have signed a sealed tender agreement for the same.

The agreement was signed by Chudamani Chapagain, Chief Executive Officer of NEPSE and Sudarshan Lal Shrestha, Managing Director of Time Pharmaceuticals. Company Secretary Advocate Sudip Ghimire and Issue Manager Mr. Manohar Kandel of Nabil Investment Banking Limited were present in the program.

The company will issue 10,86,500 units of ordinary shares worth Rs 10,86,50,000 through book building method. Out of the total offered shares, 40 percent will be set aside for qualified institutional investors and the remaining 60 percent will be issued to the general public.

After the IPO issuance, the paid-up capital of the company will reach Rs 53 crore. Time Pharmaceuticals, which has been in operation for the past 30 years, has its central office at Gaindakot of Nawalparasi and its manufacturing plant is in operation at Gaindakot-10.

Similarly, a marketing office has been set up at Satdobato of Lalitpur. The company directly employs 300 people and has been manufacturing more than 200 quality medicines.