Siddhartha Cable Car Limited, a rapidly growing tourism and infrastructure company based in Butwal, has officially approved its plan to issue an Initial Public Offering (IPO) following the successful completion of its 13th Annual General Meeting (AGM). The meeting was held at Siddhartha Cottage in Tinkune, Kathmandu, and marked a significant step toward public ownership and long-term expansion of the company.
During the AGM, shareholders unanimously endorsed the company’s proposal to enter the capital market, allowing the firm to begin the legal and procedural groundwork required for public share issuance. The move is expected to enhance transparency, mobilize capital for expansion, and strengthen the company’s position within Nepal’s tourism infrastructure sector.
IPO Approval Signals Growth Ambitions
Chairman Engineer Rajendra Singh Gurung informed the meeting that following the approval, Siddhartha Cable Car will initiate all regulatory and technical procedures necessary to issue shares to the general public. According to him, the IPO will provide opportunities for ordinary citizens to become part-owners of a company that has already established itself as a major attraction in western Nepal.
The IPO is also expected to support future development projects, maintenance upgrades, and service enhancements, enabling the company to expand its capacity and improve visitor experiences while ensuring financial sustainability.
A Project Rooted in National Heritage
Siddhartha Cable Car operates in the historic Nuwakot Gadhi area, a site deeply connected to Nepal’s national and spiritual heritage. The region is famously known as the battlefield where brave Nepali warriors defeated British forces in the Anglo-Nepal War, making it a symbol of national pride and resilience.
In addition to its military history, the area holds religious significance. According to Buddhist scriptures, the ancient hermitage of the maternal grandfather of Lord Gautam Buddha is believed to have existed in the same locality. The company has highlighted this unique cultural and historical blend as a major attraction for both domestic and international tourists. By promoting heritage tourism, Siddhartha Cable Car has positioned itself not merely as a transport service but as a gateway to an important cultural destination.
Strong Leadership and Investment Backing
The company is chaired by local entrepreneur Engineer Rajendra Singh Gurung, while the Managing Director is Prabhulal Adhikari, a renowned share analyst, investor, and hydropower entrepreneur. The company enjoys strong institutional backing from major investors including Prabhu Cable Car and Tourism Limited, Prabhu Groups, and prominent business communities from the Butwal region. This combination of technical leadership and financial expertise has played a crucial role in the company’s steady growth, operational efficiency, and expanding market credibility.
Solid Financial Performance
During the AGM, the company reported an operating profit of NPR 80 million (Rs. 8 crore) for the last fiscal year. The management expressed confidence that profitability will further improve in the coming years due to increasing tourist inflow, growing domestic travel trends, and the rising popularity of cable car-based tourism.
More than 300,000 tourists traveled through Siddhartha Cable Car in the previous year, reflecting the cable car’s rising importance as a tourism infrastructure asset in the Lumbini and Butwal region. The company believes that continued promotional efforts and improved accessibility will push visitor numbers even higher in the next fiscal year.
Boosting Regional Tourism and Employment
Beyond financial gains, Siddhartha Cable Car has made a notable contribution to local employment and regional tourism development. The project has created job opportunities for local youth and small entrepreneurs while stimulating hospitality and retail activities in surrounding areas. The cable car has also helped promote lesser-known heritage sites, encouraging travelers to extend their stays and explore nearby cultural landmarks.
A Step Toward Public Participation
With the IPO approval now in place, Siddhartha Cable Car is entering a new phase of institutional maturity. Public share issuance will allow citizens to participate directly in Nepal’s tourism infrastructure growth story while strengthening corporate governance through increased transparency and regulatory oversight.
As Nepal continues to focus on tourism as a key driver of economic development, Siddhartha Cable Car’s expansion plans and public listing are expected to play a meaningful role in enhancing destination accessibility, preserving cultural heritage, and generating sustainable economic returns.
