Chhaya Devi Complex to Issue IPO at Premium Price, Proposal Submitted to SEBON
Chhaya Devi Complex Private Limited (CDCPL) has submitted a proposal to the Securities Board of Nepal (SEBON) to issue 1,437,500 IPO shares at a premium price of Rs. 400 per share, aiming to raise Rs. 57.50 crore. The application was filed on Bhadra 2, 2081, and Prabhu Capital Limited has been appointed as the issue manager for the public offering.
Established in January 2008, CDCPL was formed to develop a commercial complex integrated with a five-star hotel. The company owns a 167-key hotel operated under the Aloft brand, managed by Nidra Hospitality Private Limited under a franchise agreement with Starwood Asia Pacific Hotels and Resorts P. Ltd.
To finance the project, CDCPL sold 72% of its commercial space, using the proceeds to complete the hotel. The remaining area, including a cinema hall and food court, has been retained for rental income.
ICRA Nepal had earlier assigned credit ratings of [ICRANP] LBB- (long-term) and [ICRANP] A4 (short-term) to the company’s bank loan limits. These ratings have since been withdrawn.
About Chhaya Devi Complex
Chhaya Devi Complex Private Limited is the developer behind Chhaya Center, a landmark multi-purpose mega complex located in the heart of Thamel, Kathmandu. Spread across 86,000 sq. ft. with a built-up area of 350,000 sq. ft., the center features over 200 retail stores, premium dining outlets, event spaces, and major entertainment attractions like QFX Cinemas and the five-star Aloft Hotel, operated by Marriott.
The complex also includes a banquet hall, conference facilities, a courtyard for events, and ample underground parking for over 400 cars. Chhaya Center has quickly become a one-stop destination for shopping, hospitality, and leisure in Kathmandu.
To support future growth, the company has proposed an IPO of 1,437,500 shares at a premium price of Rs. 400, aiming to raise Rs. 57.50 crore. The proposal has been submitted to SEBON, with Prabhu Capital serving as the issue manager.
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