Kathmandu, August 20
Bandipur Cable Car and Tourism Limited is set to open its Initial Public Offering (IPO) for the general public from August 27 (Bhadra 11).
Out of the company’s issued capital of Rs 2.83 billion, 20.70 per cent, or 5.86 million shares, have been allocated to the public. Of these, after setting aside portions for project-affected locals, Nepalis working abroad, employees, and mutual funds, the remaining 4.34 million shares will be available to the general public.
According to the issue manager, Nepal SBI Merchant Banking, applications for the IPO can be submitted between August 27 and 31. Investors can apply for a minimum of 10 shares and a maximum of 20,000 shares. Applications can be submitted online via MeroShare or through banks and financial institutions that are members of the C-ASBA system.
The company’s primary business is cable car services, with operations already underway in Bandipur. Care Rating Nepal has assigned the company a ‘BB’ rating, indicating moderate capacity to meet financial obligations.
The total estimated cost of the project, including interest, stands at Rs 3.85 billion. As of the end of last fiscal year, the company’s net worth per share was Rs 92.41, while earnings per share were negative at Rs -2.84, with accumulated losses of Rs 106 million.
