Nepal’s tourism sector is steadily expanding its presence in the capital market, with hotels, cable car projects, and hospitality ventures increasingly attracting investor interest. During FY 2082/83, Bandipur Cable Car and Tourism Limited and Hotel Forest Inn Limited became the only two hotel and tourism companies to debut on the Nepal Stock Exchange (NEPSE), while 18 more tourism-related companies remain in the Securities Board of Nepal (SEBON) pipeline awaiting IPO approval.
While both companies have rewarded investors with significant appreciation in their share prices since listing, their latest financial reports reveal a contrasting picture, as both have reported losses instead of the profits projected in their IPO prospectuses. The mixed performance highlights the opportunities and challenges facing Nepal’s rapidly expanding tourism and hospitality industry as more companies seek to raise capital through the stock market.
Bandipur Cable Car Shares More Than Double Since Listing
Bandipur Cable Car and Tourism Limited (BANDIPUR) was listed on NEPSE on November 11, 2025, with an opening price of Rs. 285 per share. The company’s latest traded price (LTP) has climbed to Rs. 665, representing a gain of more than 133 percent from its first trading price.
Out of the company’s 28,300,000 listed shares, promoters hold 79.29 percent, while the public owns 20.71 percent. During its IPO, the company issued 4,341,080 ordinary shares at a face value of Rs. 100 per share to the general public between Bhadra 11 and Bhadra 15, 2082.
Bandipur Cable Car is developing an integrated tourism project in Bandipur, Tanahun, combining cable car transportation with hotel and hospitality services. The project has been recognized as a National Priority Project by Nepal’s National Planning Commission (NPC).
However, despite strong investor confidence in the secondary market, the company’s financial performance has fallen well below expectations. According to its third-quarter report for FY 2082/83, BANDIPUR recorded a net loss of Rs. 1.62 crore, compared to its projected net profit of Rs. 20.47 crore stated in its IPO offer document.
The company reported:
- Net Worth Per Share: Rs. 91.90
- EPS: -Rs. 0.58
- Paid-up Capital: Rs. 2,830,000,000
The results indicate that although investors remain optimistic about the company’s long-term tourism potential, commercial operations are still in the early stages and have yet to meet projected earnings.
Hotel Forest Inn Posts Sharp Market Gain Despite Q3 Loss
The second hotel and tourism IPO during FY 2082/83 came from Hotel Forest Inn Limited (HFIN), which was listed on NEPSE on March 12, 2026 with an opening price of Rs. 101.70 per share. Since its listing, the company’s market value has increased significantly, with the latest traded price reaching Rs. 635, representing a gain of more than 520 percent from its opening price.
The company has 20,000,000 listed shares, with 80 percent held by promoters and 20 percent owned by the public. It issued 40,00,000 IPO shares to the general public between Magh 22 and Magh 26, 2082. Hotel Forest Inn is constructing a 102-room five-star hotel in Budhanilkantha, Kathmandu, spread over approximately 142,783 square feet. The property will operate under the globally recognized Holiday Inn brand through a licensing agreement with the InterContinental Hotels Group (IHG).
Despite strong market enthusiasm, the company’s operational performance remains below expectations. Its third-quarter financial report for FY 2082/83 shows a net loss of Rs. 5.40 crore, compared to a projected net profit of Rs. 3.59 crore presented during the IPO.
The company’s key financial indicators include:
- Net Worth Per Share: Rs. 110.51
- EPS: -Rs. 12.07
- Paid-up Capital: Rs. 2,000,000,000
The results suggest that the hotel is still in its investment and operational expansion phase, with profitability likely to depend on occupancy growth and Nepal’s tourism recovery in the coming years.
Strong Share Price Performance Reflects Investor Confidence
Although both companies have reported losses during the current fiscal year, their impressive share price appreciation demonstrates investors’ long-term confidence in Nepal’s tourism and hospitality industry.
Market analysts say tourism infrastructure projects, particularly cable cars and internationally branded hotels, continue to attract investors who expect stronger earnings once operations mature and tourist arrivals continue to grow.
18 More Hotel and Tourism Companies Await IPO Approval
The growing interest in tourism-related investments is also reflected in the pipeline of companies preparing to enter Nepal’s capital market.
According to the Securities Board of Nepal (SEBON), 18 hotel and tourism companies are currently in the IPO pipeline awaiting regulatory approval. They are:
- Apex Hospitality Limited
- Annapurna Cable Car Limited
- Akama Hotel Limited
- Thamel Plaza Hotel and Suites Ltd. (Ramada Encore)
- Varnabas Museum Hotel Limited
- Mountain Glory Limited
- Maulakali Cablecar Limited
- Nagarkot Resort Limited
- Hotel Sabrina Limited
- Swornim Hotel Limited (Holiday Inn Express)
- Shree Airlines Limited
- Hotel Ichchha Limited
- Athiti Resort & Spa Limited
- Asian Hotel Limited
- Hotel Park Land Limited
- Budhanilkantha Heritage Limited
- Doleswor Village Resort and Farm House Limited
- KTM Hospitality Limited
If approved, these companies are expected to significantly expand the representation of the tourism and hospitality sector on NEPSE, providing investors with greater opportunities to participate in one of Nepal’s fastest-growing industries.
Tourism Capital Market Continues to Expand
The entry of tourism companies into Nepal’s stock market comes at a time when the country is witnessing steady growth in international tourist arrivals and increasing investment in hotels, cable cars, resorts, airlines, and tourism infrastructure.
While recent financial results indicate that newly listed tourism companies are still navigating operational and profitability challenges, the strong market response suggests that investors remain optimistic about the sector’s long-term growth prospects as Nepal continues to position itself as a leading tourism destination in South Asia.
Read More: https://tourisminfonepal.com/save-smart-invest-nepals-hotel-ipos-await/
