Kathmandu, Mangsir 27. Maulakali Cable Car Limited (MCL) has entered the regulatory pipeline for its initial public offering (IPO), having submitted its proposal to the Securities Board of Nepal (SEBON) on Kartik 24, 2082.

The company has proposed to issue 18,79,130 ordinary shares at a face value of Rs. 100 each, aiming to raise a total of Rs. 18.79 crore from the primary market. NIC Asia Capital Limited has been appointed as the issue manager to facilitate the offering.

Rating and Credit Profile:
Ahead of the IPO proposal, ICRA Nepal has reaffirmed the company’s issuer rating at ‘[ICRANP-IR] BB-‘. This rating indicates a moderate risk of default regarding the timely meeting of financial obligations. ICRA Nepal has also reaffirmed the company’s long-term loan rating at ‘[ICRANP] LBB-’, while its short-term loan rating has been withdrawn. These ratings provide investors with an assessment of the company's general creditworthiness.

Business Overview:
Established in October 2016, Maulakali Cable Car Limited operates an integrated tourism facility in Gaindakot, Nawalpur. Its cable car service began operations in mid-April 2023, followed by the opening of its 65-key resort hotel in mid-May 2082. The company is promoter-held, with majority ownership resting with Mr. Chandra Prasad Dhakal and Mr. Hem Raj Dhakal, both in their personal capacity and through closely held entities.

Next Steps:
The proposal is now under review by SEBON. The company can only proceed to float shares to the local and general public after receiving formal approval from the regulatory board. This marks the initial step in MCL's journey to become a publicly traded entity, seeking to expand its capital base from public investors.

The development adds a new entity from the tourism and hospitality sector to SEBON’s issuance pipeline.