Prabhu Helicopter Limited (PHL) has recently submitted an IPO proposal to SEBON, aiming to issue 6,125,000 shares in the public market. The company plans to raise Rs. 61.25 crores from this offering. The proposal was submitted on Chaitra 20, 2081, and Muktinath Capital Limited has been appointed as the issue manager for the public offering.
In terms of credit ratings, CARE Ratings Nepal Limited (CRNL) had initially downgraded PHL’s ratings and moved the company to the ‘ISSUER NOT COOPERATING’ category due to insufficient information. However, after PHL provided the necessary data, CRNL conducted a thorough review and assigned updated ratings. PHL now holds ‘CARE-NP B’ for long-term facilities and ‘CARE-NP A4’ for short-term bank facilities. The ratings also carry a warning of high risk in terms of timely servicing of financial obligations, as indicated by the ‘CARE-NP B(Is)’.
Founded as a private company, Prabhu Helicopter Limited took over Muktinath Airlines in 2015, eventually transitioning into a public limited company on July 14, 2022. Based in Kathmandu, PHL provides domestic helicopter services, primarily focused on mountain sightseeing, tourism, and medical evacuation. With the new IPO, the company aims to strengthen its position in the growing Nepalese aviation market, especially catering to the increasing demand for helicopter services in the region.
