Bandipur Cable Car IPO Opens from Shrawan 6 for Locals and Nepali Migrant Workers

Bandipur Cable Car and Tourism Limited has announced the opening of its Initial Public Offering (IPO) from Shrawan 6, targeting locals from Tanahu and Gorkha districts and Nepali citizens working abroad. The company is issuing 5,66,000 shares to the project-affected locals and 5,29,400 shares to Nepali migrant workers. The IPO for locals will be open until Shrawan 20, with a possible extension till Bhadra 4, while the issue for Nepali citizens abroad will close on Shrawan 9 and may be extended till Bhadra 20 if under-subscribed.

Out of the total issued capital of Rs. 2.83 Arba, the company plans to allocate 20.7067%—amounting to 58,60,000 shares—for public issuance. Among this, 2% has been reserved for locals of the affected districts, and 18.7067% will be floated for the general public later. Of this upcoming general public offering, 10% (i.e., 5,29,400 shares) has been set aside for Nepalis employed overseas.

The minimum and maximum number of shares that can be applied for in this IPO is 10 and 20,000 units respectively. Nepal SBI Merchant Banking Limited is managing the IPO. CARE Ratings Nepal has reaffirmed a rating of ‘CARE-NP BB (Is)’ to the company, signifying moderate credit risk. The company, established in 2013, is constructing a national priority project in Bandipur, featuring a cable car transport system and hospitality services via a hotel at the hilltop station.