Prabhu Cable Car Signs Credit Rating Agreement for IPO

Prabhu Cable Car & Tourism Ltd, promoted by Prabhu Urja Krishi Paryatan Bikash Ltd, Prabhu Holdings & Hydro Development Company Ltd, and Hydro Holdings Ltd under Prabhu Groups & Companies, has signed a credit rating agreement with CARE Ratings Nepal Ltd.

The agreement was signed by Sandeep Dahal, Senior General Manager of Prabhu Cable Car & Tourism Ltd, and a representative of CARE Ratings Nepal amid an event in Kathmandu. 

The company said the move is part of its plan to issue an Initial Public Offering (IPO), with a proposal to be tabled at its upcoming annual general meeting. Once the credit rating process is completed within two months, the company will apply to the Securities Board of Nepal (SEBON) for approval.

Prabhu Cable Car said it has invested in three projects to date. The Siddhartha Cable Car, linking Deurali Hill at Lumbini’s Tansen-Bandarbari Park with Nuwakot Gadhi in Palpa, has been in commercial operation for over a decade. The route connects visitors to heritage and cultural sites such as King Mani Mukunda Sen’s palace, Kamana Bhairav Temple, and Colonel Ujir Singh’s statue.

The company is also preparing to develop cable car projects to Badimalika Temple in Bajura and Ichhakamana Temple in Chitwan. 

Kumari Capital Ltd is managing the IPO.

“Prabhu Cable Car is a debt-free company, operating consistently in profit,” the company said, adding that proceeds from the IPO will fund the construction of the Ichhakamana and Badimalika projects.