Introducing Annapurna Cable Car
Annapurna Cable Car, the operator of the renowned cable car system in the picturesque city of Pokhara, is preparing to launch its Initial Public Offering (IPO) after two years of successful operation.
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A Majestic Journey Amidst the Himalayas
Annapurna Cable Car stands as the closest and most accessible cable car to the majestic mountain peaks of Nepal’s breathtaking Himalayan range. With its unique location, it offers an unparalleled opportunity for travelers to immerse themselves in the awe-inspiring beauty of the region.
Enhancing Public Participation with IPO
To expedite the IPO process, Annapurna Cable Car has appointed MuktiNath Capital as the sales manager. This strategic move aims to increase public participation in the company’s growth. Chairman Kalu Gurung and MuktiNath Capital’s CEO, Kavindra Dhwoj Joshi, recently signed the agreement, marking an important milestone for the company.
Annapurna Cable Car’s Impact
Since its establishment in 2078 BS, Annapurna Cable Car has left a profound impact on both local residents and the general public. By offering them the opportunity to experience and witness the unparalleled beauty of the region, the cable car has become an iconic attraction in Pokhara.
IPO Details and Future Investments
The company plans to sell 31 lakh shares, equivalent to 20% of the total capital, worth NPR 1.55 billion through the IPO. Chairman Gurung emphasized that the decision to issue a 20% IPO was made to encourage widespread public involvement in the company’s success.
Annapurna Cable Car has set the IPO price at NPR 100 per share.
The Cable Car Project and Beyond
The cable car’s construction, initially delayed by two years due to the COVID-19 pandemic. Annapurna Cable Car’s bottom station, located in Sedibagar, Ward No. 18 of Pokhara Metropolitan City, has been constructed at a cost of NPR 1.97 billion. The founders initially invested NPR 900 million as equity, supplemented by a loan of NPR 1.7 billion secured from banks.
In addition to the cable car itself, the project has witnessed the construction of a magnificent 48-feet-tall and 44-feet-wide statue of Panchamukhi Ganesh (five-faced Ganesh) in Sarangkot, the upper station of the cable car. This monumental statue, the largest of its kind globally, along with other structures including view towers, will be completed within the next six months.
Unforgettable Views: A Spectacular Journey
Travelers boarding the Annapurna Cable Car embark on a journey filled with breathtaking panoramic views. From a single location, they can witness three world-renowned attractions: sunrise, sunset, and the Himalayan range, including the famous Annapurna mountain range. The picturesque sights, combined with the mesmerizing Phewa Lake, create an unforgettable experience. Annapurna Cable Car not only showcases the beauty of the Himalayas but also attracts foreign investment, making it a unique asset for Nepal.