Kalinchowk Darshan Limited Closing IPO Shares Issue for Project-Affected Locals and Nepalese Employed Abroad from Today

Kalinchowk Darshan Limited is closing the issue of its IPO to the project-affected locals and Nepalese citizens working abroad from today i.e. Mangsir 28. The issue had open on Mangsir 14, 2079.

The issued capital of the company is Rs. 60 Crores of which 2% i.e. 1,20,000 unit shares worth Rs. 1.2 crores have been allocated to project-affected locals. Meanwhile, 18% of the company's issued capital i.e. 10,80,000 unit shares will be issued later for the general public. Of this public issue, 10% of the shares totaling 1,08,000 units shares have been allocated for Nepalese citizens working abroad, the issue of which was opened from Mangsir 14.

For the project-affected locals, the minimum application quantity is 10 units while the maximum quantity is 4,990 units. Meanwhile, for Nepalese citizens working abroad, the minimum application quantity is 10 units while the maximum quantity is 10,800 units.

Nabil Investment Banking Limited is appointed as the issue manager.

According to CDSC, 5,615 applications have been received through Nepalese citizens working abroad for a total of 994,260 units. Thus, the issue is already oversubscribed by 9.20 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.

Closing Notice