Good News for Nepalese Working Abroad, Kalinchowk Darshan Limited Issuing IPO to Locals and Nepalese Employed Abroad

Tue, Nov 22, 2022 9:53 AM on IPO/FPO News, Latest,

Kalinchowk Darshan Limited has published an offer letter to issue its IPO to the project affected locals and Nepalese citizens working abroad.

The IPO issue for the locals and Nepalese citizens working abroad will open on Mangsir 14, and close on Mangsir 28, 2079. Note that for the locals, if the issue is not subscribed by the early closing date, the issue can be extended till 14th Poush. However, the issue will not be extended from the early closing date for Nepalese citizens working abroad.

The issued capital of the company is Rs. 60 Crores of which 2% i.e. 1,20,000 unit shares worth Rs. 1.2 crores have been allocated to project affected locals.

Meanwhile, 18% of the company's issued capital i.e. 10,80,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,08,000 unit shares have been allocated for Nepalese citizens working abroad, the issue of which will open at the date mentioned above.

For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 4,990 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 10,800 units.

Nabil Investment Banking Limited has been appointed as the issue manager.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB+(Is)’ to Kalinchowk Darshan Limited. Issuers with this rating are considered to have moderate risk of default regarding timely servicing of financial obligations in Nepal.

Kalinchowk Darshan Limited is a public limited company, incorporated on January 20, 2015. It is promoted by individual and institutional promoters from different backgrounds for setting up and operating a Cable Car Project at Kalinchowk, Dolakha, Nepal. The project includes about 1 Km long cable car journey, having a total of 4 Gondolas (2 gondolas per system) to transport passengers from the bottom station at Kuri Valley to the Kalinchowk Temple at the top. It has a capacity to transport 192 passengers per hour in one way trip.

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