Annapurna Cable Car To Issue IPO
Annapurna Cable Car to issue 31 lakh units IPO Shares to the project affected locals and general public. The company will issue an IPO at a face value of Rs 100 to raise amount equivalent to Rs 31 crores.
Annapurna Cable Car has appointed Muktinath Capital as a issue manager in order to issue IPO. The company will issue 20 percent share out of the company’s issued capital of Rs 1.55 billion.
The company is yet to submit applications to the Securities Board of Nepal (SEBON) seeking permission to issue shares. Only after the approval by regulatory body SEBON, Annapurna Cable Car can sell IPO shares to raise capital.
The company will issue IPO in two phase, at first phase shares will be issued to locals and Nepalese in foreign employment. In second phase, It will sell shares to its employees, mutual funds and general public.
About the Company: Annapurna Cable Car
Annapurna Cable Car is a 2.2 km line gondola-based lift transportation system located in Pokhara Municipality. The cable car system consists of 17 gondolas and has a carrying capacity of 500 people per hour.
Travelers can witness sunrise, sunset and Himalayas, experience zipline, swing, mountain biking and several other recreational activities. Currently, a five faced statue of Ganesh is being constructed at the upper station which will be 48 ft tall and 44 ft wide. The company also plans to build several other tourism infrastructures to attract national and international visitors.
According to the company, the construction cost of Annapurna Cable Car is Rs 1.97 billion rupees. In which the founders of the company initially invested Rs 90 crores in equity and has taken a bank loan of Rs 1.7 billion for completing the construction of project. It is also the fist and only cable car service provider having foreign investment in Nepal.
