IPO Allotment of Kalinchowk Darshan Limited Concludes; 1 in Every 16 Applicants to Be Allotted with 10 Units

The IPO allotment of Kalinchowk Darshan Limited is concluded today at the premises of Nabil Investment Banking Limited, Kathmandu.

Kalinchowk Darshan Limited had issued 896,400 units worth Rs 8.96 crore as Initial Public Offering to the general public (Magh 3-6, 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 paid-up capital of the company will reach Rs. 60 Crores after the IPO issuance.

The issue had received applications from 14,65,763 valid applicants who had applied for a total of 1,65,66,230 units. The issue was oversubscribed by more than 18.48 times. 

As per the allotment module, a total of 89,640 applicants were allotted 10 units each via lottery, and the remaining 13,76,123 applicants were returned with empty hands. 

A total of 21,600 units were allotted to the employees and 54,000 units were allotted to the mutual funds.

In total 8,206 applicants who applied for 1,04,760 units were disqualified due to duplicate applications from Local Shareholders, Foreign Employee Shareholders, and C-ASBA Suspect.

Allotment Module:

The IPO result can be accessed by CDSC IPO Result, MeroShare, and Nabil Investment Banking Limited. 

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.

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.

One of Nepal's most popular religious and tourism destinations is the Kalinchowk Bhagwati Temple, which is situated in the Kalinchowk Rural Municipality in Bagmati Province's Dolakha District. The temple is located in Kalinchowk Rural Municipality and is 3,842 meters above sea level. It is roughly 17 kilometers from Charikot, the administrative center of the Dolakha district. The panoramic views of several snow ranges are seen from that location. The high snow ranges, including Kanchenjunga, Langtang, Jugal, Gauri Shankar, and Ganesh Himal, are all plainly visible to anyone who travels to this location.

The goal of Kalinchowk Darshan Limited is to make it easier for tourists and devotees to reach the Kalinchowk Bhagwati temple. Since 17th Kartik 2075, it has solely offered the 24 km cable car service between Kuri and the Kalinchowk Bhagwati temple. After the cable car operation, there has been a significant increase in the number of religious and other tourists who visit each year. Also, Kalinchowk Darshan Limited has been given the 2075 Best Tourist Destination Award.