Kalinchowk Darshan Limited is issuing 896,400 units of IPO shares from today onwards to general public.

From today, 3rd Magh, 2079, Kalinchowk Darshan Limited will offer 896,400 unit shares of Rs 100 face value as an Initial Public Offering to the general public. The early closing date of this issue is 6th Magh and if the issue is not fully subscribed, it can be extended up to Magh 17, 2079.

Out of the total 10,80,000 units, 10% i.e. 108,000 units have already been issued and allotted to Nepalese citizens working abroad. 2% i.e. 21,600 units have been set aside for employees of the company and 5% of the total offered shares i.e. 54,000 units have been set aside for mutual funds. The remaining 896,400 units are for the general public. The company intends to collect Rs 8.96 crore from this IPO. The paid-up capital of the company will reach Rs. 60 crores more after the IPO issuance.

Earlier, the company had issued 1,20,000 unit shares worth Rs. Locals affected by the project received Rs. 1.2 crores and Nepalese citizens working abroad received shares worth 108,000 units. Overall, 80% of shares are of the promoter shareholders in the company.

Nabil Investment Banking Limited has been appointed as the issue manager for the IPO issuance. Applications can be placed for a minimum of 10 units and a maximum of 4,990 units.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB+(Is)’ to Kalinchowk Darshan Limited. Issuers with this rating are considered to have a moderate risk of default regarding the timely servicing of financial obligations in Nepal.