Varnabas Museum Hotel Limited has officially submitted its Initial Public Offering (IPO) proposal to the Securities Board of Nepal (SEBON). The company plans to issue a total of 3,960,000 shares to the general public, aiming to raise Rs. 39.60 crores for its operations. The application was submitted on Falgun 19, 2081. As part of this IPO process, Himalayan Capital Limited has been appointed as the issue manager, overseeing the offering to the public.
In a recent development, ICRA Nepal has downgraded the long-term loan rating of Varnabas Museum Hotel Pvt. Ltd. from [ICRANP] LB to [ICRANP] LB-. The short-term loan rating, however, has been reaffirmed at [ICRANP] A4. Additionally, the ratings have been removed from the ‘Watch with Negative Implications’ category.
Founded in June 2018, Varnabas Museum Hotel Pvt. Ltd. operates a luxurious 5-star hotel that opened its doors in February 2024. This unique hotel is designed to showcase Nepal’s diverse cultural heritage, with each floor representing a different ethnic group. The hotel project is the brainchild of Rajendra Bajgain, a seasoned tourism entrepreneur with over 20 years of experience in the industry. This IPO marks the first such venture for Bajgain, who is determined to expand the influence of Nepal’s rich cultural diversity through this landmark project.
