Kathmandu — Time Pharmaceuticals Limited has conducted a roadshow in Kathmandu for qualified institutional investors as part of its book-building initial public offering process. More than 145 representatives from institutional investors participated in the event.

The company plans to issue 1,086,500 shares with a face value of Rs 108.65 million, equivalent to 20.5 percent of its issued capital. Of the total shares, 40 percent will be allocated to institutional investors, while the remaining shares will be issued to the general public.

Nabil Investment Banking Limited is managing the IPO process under the book-building guidelines. According to the company, sealed bids from institutional investors will be accepted from Ashadh 22 to Ashadh 26 and will be opened on Ashadh 29.

Established nearly 29 years ago, Time Pharmaceuticals has expanded significantly since its early days. The company began by producing eight medicines with 25 employees and now manufactures more than 200 pharmaceutical products with a workforce of over 350 employees.

The company has set its average share valuation at Rs 666.78 and proposed a base price of Rs 600 per share for institutional investors.

Time Pharmaceuticals also announced that it has begun what it described as Nepal’s first clinical trial in the pharmaceutical sector, with results expected soon.