Kalinchowk Darshan Limited Closing 896,400 Units IPO Shares Issue from Today
Fri, Jan 20, 2023 10:00 AM on IPO/FPO News, Latest,
Kalinchowk Darshan Limited is closing the issue of 896,400 unit shares of Rs 100 face value as Initial Public Offering to the general public from today i.e. 6th Magh, 2079. The issue was opened on 3rd Magh, 2079.
Out of the total 10,80,000 units; 10% i.e. 108,000 units have already been issued and allotted to Nepalese citizens working abroad, whereas 2% i.e 21,600 units have been set aside for the employees of the company and 5% of the total offered shares i.e. 54,000 units have been set aside for the mutual funds. The remaining 896,400 units are for the general public. The company intends to collect Rs 8.96 crore from this IPO. The paid-up capital of the company will reach Rs. 60 Crores after the IPO issuance.
Earlier, the company had issued 1,20,000 unit shares worth Rs. 1.2 crores to the project-affected locals and 108,000 units shares to Nepalese citizens working abroad. Overall, 80% of shares are of the promoter shareholders in the company.
Nabil Investment Banking Limited is appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 4,990 units.
According to CDSC, 11,47,502 applicants have applied for a total of 13,391,810 units. Thus, the issue is already oversubscribed by 14.93 times so far.
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 a moderate risk of default regarding the 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 a 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 the capacity to transport 192 passengers per hour in one way trip.