Prabhu Cable Car to issue Rs 300m IPO, signs deal with Kumari Capital
KATHMANDU: Prabhu Cable Car & Tourism Limited, established with major investments from four companies, has signed an agreement with Kumari Capital Limited for IPO management and related activities.
The company, backed by Prabhu Urja Krishi Tourism Development Limited, Prabhu Holdings & Hydro Development Company Limited, Hydro Holdings & Power Development Company Limited, and Prabhu Steels & Hydro Equipment Industries Limited, aims to issue shares worth Rs 300 million as part of its expansion plan.
Prabhu Cable Car has already initiated three cable car projects. Among these, the Siddhartha Cable Car project, connecting Rishi Kaldewal Ashram in Butwal to Nuwakot Gadhi in Palpa, became operational in October.
This project has already hosted over 75,000 domestic and international tourists. It is a key investment of Prabhu Cable Car & Tourism Limited and links significant landmarks like King Manimukunda Sen’s Palace, Karmana Bhairav Temple, and other cultural and archaeological sites.
Additionally, the company is planning future cable car projects at Badimalika Temple in Bajura and Ichchhakamana Temple in Chitwan. Prabhu Cable Car & Tourism is actively investing in hydropower, agriculture, tourism, manufacturing, and adventure tourism, making a robust presence in the secondary market.
The IPO agreement was signed by Bhoj Kumar Khadka, Chair of Prabhu Cable Car & Tourism Limited, and Pushpa Sharma, CEO of Kumari Capital Limited, in the presence of various dignitaries.
The company reported a profit exceeding Rs 50 million in the first quarter of the current fiscal year.
