Four companies have recently submitted their IPO proposals to the Securities Board of Nepal (SEBON) for the issuance of IPO, which are currently under review. These Upcoming IPOs are intended to raise capital to support business expansion and development. Below is a simplified overview of each proposal, including key updates, financial highlights, and company backgrounds. A summary table is also provided for quick reference.
1. Mountain Glory Limited
- IPO Proposal: Plans to issue 4,000,000 shares to raise Rs. 40 crores.
- Application Date: Submitted on Chaitra 26, 2081.
- Issue Manager: Laxmi Sunrise Capital Limited.
- Sector: Hotels And Tourism
- Credit Rating: CARE Ratings Nepal withdrew its earlier rating (“CARE-NP B/A4”) due to insufficient cooperation from the company. Investors are advised to proceed cautiously.
About the Company:
Mountain Glory Private Limited, established on May 24, 2007, owns and operates the luxurious Mountain Glory Forest Resort & Spa in Dovilla-21, Pokhara. Spread over 7.42 acres with 64 rooms, the resort blends natural serenity with modern amenities and has been recognized as a Tourist Standard Hotel by the Ministry of Culture, Tourism & Civil Aviation. Guests enjoy panoramic views of the Himalayas, premium hospitality, and peaceful experiences ideal for relaxation and events.
2. Varnabas Museum Hotel Limited
- IPO Proposal: Aims to issue 3,960,000 shares to raise Rs. 39.60 crores.
- Application Date: Submitted on Falgun 19, 2081.
- Issue Manager: Himalayan Capital Limited.
- Sector: Hotels And Tourism
- Credit Rating: ICRA Nepal downgraded its long-term loan rating to [ICRANP] LB- but maintained the short-term rating at [ICRANP] A4.
About the Company:
Varnabas Museum Hotel Limited, established in June 2018, opened its 5-star hotel in Kathmandu in February 2024. Each of the hotel’s ten floors represents a different Nepali ethnic group, offering guests a unique cultural experience. The hotel features 48 uniquely named suites, a rooftop pool inspired by Gokyo Lake, and dining options like the Kharka-La restaurant and South Col bar. In June 2024, it became Nepal’s only member of the Small Luxury Hotels of the World collection.
3. Myagdi Hydropower Limited
- IPO Proposal: Intends to issue 4,745,000 shares to raise Rs. 47.45 crores.
- Application Date: Submitted on Chaitra 27, 2081.
- Issue Manager: NMB Capital Limited.
- Sector: Hydropower
- Credit Rating: ICRA Nepal assigned a [ICRANP-IR] BB-rating, indicating moderate default risk.
About the Company:
Myagdi Hydropower Limited, founded on April 18, 2017, operates the 14 MW Ghar Khola Hydropower Project in Gandaki Province. Initially planned for 8.3 MW, the project was upgraded and began operations on August 25, 2023. The total project cost was NPR 3.413 billion. As of mid-October 2024, the company has a paid-up capital of NPR 926 million, fully held by promoters.
4. Prabhu Helicopter Limited
- IPO Proposal: Seeks to issue 6,125,000 shares to raise Rs. 61.25 crores.
- Application Date: Submitted on Chaitra 20, 2081.
- Issue Manager: Muktinath Capital Limited.
- Sector: Hotels And Tourism Index
- Credit Rating: CARE Ratings revised its rating to ‘CARE-NP B’ (long-term) and ‘CARE-NP A4’ (short-term) after earlier concerns about non-cooperation were resolved.
About the Company:
Prabhu Helicopter Limited started as a private company in 2015 and became public on July 14, 2022. Operating from Kathmandu and Pokhara, it offers domestic helicopter services, including sightseeing tours, mountain flights, and medical evacuations. The company expanded its operations by acquiring Muktinath Airlines in 2015.