Prabhu Cable Car and Tourism Limited has initiated the process to issue its initial public offering (IPO). The company has called for sealed bids to appoint its issue manager for the same. This should be important for the company as it is carrying out a plan to construct 3 cable car projects.
On Baisakh 04, the company released a notice inviting eligible institutions to send their applications to be its IPO issue and sales manager. According to the notice, the companies will have to file their application within 45 office days.
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Prabhu Cable Car IPO coming at a premium price
Prabhu Cable Car and Tourism Limited will issue its IPO at a premium price. The to-be-issue manager will determine the final share price for the public.
Currently, the company is working on the projects of Siddharth Cable Car in Rupandehi, Khandadevi Cable Car in Ramechhap, and Siddha Baba Cable Car in Sindhuli. Out of which, the work of Siddharth cable car in Rupandehi has reached the final stage, while the work of the remaining two projects is in the initial stage, the company informed. The company works in both the cable car and tourism industries.
The authorized capital of Prabhu Cable Car and Tourism stands at Rs 1 billion. Its 19.6 percent share is owned by Prabhu Holding and Hydro Development Company, 19.6 percent by Hydro Holdings and Power Development Company, 9.8 percent by Prabhu Water Power Development, and 51 percent by Prabhu Urja Agriculture Authority Development.
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Prabhu Cable Car and Tourism is a subsidiary of Prabhu Group and the company. In a time when companies are criticized for divesting their shares when their financial standing becomes less sustainable, prominent companies such as Prabhu Cable Car should be a great prospect for investors.
Are you eager to be interested in Prabhu Cable Car IPO and will apply for its premium shares? Do share what you might do in our comments below.
