Annapurna Cable Car to Float 31 Lakh Shares in IPO
January 9, 2024 | Investopaper
Annapurna Cable Car Limited is in the process of issuing shares to the public (IPO). For this purpose, the company has submitted the application to the Securities Board Of Nepal (SEBON) on Poush 16, 2080 BS seeking permission to issue the shares. Only after the approval from the regulatory body SEBON, the company can sell shares to the public.
If approved by SEBON, the company plans to sell 31 lakh shares to the public. This is 20 percent of the total issued capital of the company (Rs. 1.55 Arba).
The company has already appointed Muktinath Capital Limited as issue and sales manager. The agreement for public offering was inked by Mr. Kalu Gurung, chairman of Annapurna Cable Car and Mr. Kabindra Dhoj Joshi, CEO of Muktinath Capital Limited.
In the first phase, the company will issue shares to the locals and the foreign employed Nepalese. Likewise, after the first phase, it will sell shares to the general public, including the mutual fund schemes and the employees of the company, in the second phase of the IPO.
About Annapurna Cable Car Limited
Annapurna Cable Car Limited was incorporated on March 10, 2010 as a private limited company. Later, it was transformed into a public company to issue shares to the public.
The company currently operates a ropeway from Seti Bagar, near Fewa Lake to Sarangkot of Pokhara. The project came into operation on Falgun 6, 2078 BS.
The cable car is a gondola-based lift transportation system, that operates with 18 coaches, including 17 for people and 1 for luggage.
Kalu Gurung is the major promoter of the company with about 72 percent ownership (before IPO issuance).
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