SEBON Adds IPO Proposals of Four Companies To Its Pipeline

The IPO proposal of Mountain Glory Limited is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 4,000,000 shares. This will raise Rs. 40 crores for the company. The application was submitted on Chaitra 26, 2081.

Laxmi Sunrise Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has withdrawn the “CARE-NP B/A4; ISSUER NOT COOPERATING*” ratings assigned to Mountain Glory Private Limited (MGPL) due to a lack of cooperation from the company. Despite a six-month notice period as per SEBON guidelines, CRNL could not obtain sufficient information for a fair rating. Users are advised to exercise caution when referring to this withdrawn rating.

Mountain Glory Private Limited (MGPL), established on May 24, 2007, has developed a 64-room hotel named Mountain Glory Forest Resort & Spa in Dovilla-21, Pokhara. Spread over 7.42 acres, the hotel is classified as a Tourist Standard Hotel by Nepal's Ministry of Culture, Tourism & Civil Aviation.

Similarly, the IPO proposal of Varnabas Museum Hotel Limited has also been added to SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 3,960,000 shares to the general public. This will raise Rs. 39.60 crores for the company. The application was submitted on Falgun 19, 2081.

Himalayan Capital Limited has been appointed the issue manager for the public offering.

ICRA Nepal has downgraded the long-term loan rating of Varnabas Museum Hotel Pvt. Ltd. to [ICRANP] LB- from [ICRANP] LB, while reaffirming its short-term loan rating at [ICRANP] A4. Additionally, the ratings have been removed from ‘Watch with Negative Implications’.

Varnabas Museum Hotel Pvt. Ltd., established in June 2018, is a special purpose vehicle (SPV) that operates a 5-star luxury hotel launched in February 2024. The hotel showcases Nepal's diverse ethnicities, with each floor themed around a specific cultural group. It is the first hotel project by Rajendra Bajgain, a tourism entrepreneur with over 20 years of experience.

The IPO proposal of Myagdi Hydropower Limited has also been added to SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 4,745,000 shares to the general public. This will raise Rs. 47.45 Crores for the company. The application was submitted on Chaitra 27, 2081.

NMB Capital Limited has been appointed the issue manager for the public offering.

ICRA Nepal has assigned an issuer rating of [ICRANP-IR] BB- to Myagdi Hydropower Limited (MHL), indicating a moderate risk of default in meeting financial obligations. This rating reflects the company's overall creditworthiness and is not tied to any specific debt instrument.

Myagdi Hydropower Limited (MHL), established on April 18, 2017, operates a 14 MW run-of-the-river Ghar Khola Hydropower Project in Myagdi, Gandaki Province. Originally planned for 8.3 MW, it was later upgraded and commissioned on August 25, 2023, at a cost of around NPR 3,413 million. As of mid-October 2024, MHL has a paid-up capital of NPR 926 million, fully held by promoters, and plans to raise NPR 475 million through an upcoming IPO. The project has generated approximately 38% of its contracted energy in FY2024 and 74% during the first five months of FY2025.

And, the IPO proposal of Prabhu Helicopter Limited is in SEBON's pipeline.

The company has submitted a proposal to the capital market regulator to issue a total of 6,125,000 shares. This will raise Rs. 61.25 crores for the company. The application was submitted on Chaitra 20, 2081.

Muktinath Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) had earlier downgraded Prabhu Helicopter Limited's (PHL) ratings and moved them to the 'ISSUER NOT COOPERATING' category due to insufficient information. However, after PHL submitted the required data, CRNL conducted a full review and assigned updated ratings of 'CARE-NP B' for long-term, 'CARE-NP A4' for short-term bank facilities, and 'CARE-NP B(Is)', indicating a high risk of default in timely financial obligation servicing.

Prabhu Helicopter Limited (PHL), originally incorporated as a private company, took over Muktinath Airlines in 2015 and became a public limited company on July 14, 2022. Based in Kathmandu, PHL operates domestically, offering helicopter services focused on mountain views, sightseeing, and medical evacuation.