Maulakali Cable Car Limited (MCL), the operator of a prominent cable car and 65-key resort in Gaindakot, Nawalpur, has submitted a proposal to issue 1,879,130 shares at a par value of Rs. 100 per share to the Securities Board of Nepal (SEBON), marking a significant step toward its Initial Public Offering (IPO). The proposed IPO aims to raise Rs. 18.79 crore, which the company plans to utilize for further expansion and operational enhancements. NIC Asia Capital Limited has been appointed as the issue manager for this offering. The proposal was formally submitted to SEBON on Kartik 24, 2082.
The IPO will only be floated to the general public once the regulatory board grants its approval, ensuring full compliance with Nepal’s securities regulations. This move is expected to provide local investors with an opportunity to participate in the growing tourism and hospitality sector of Nepal, particularly in Gaindakot, a region gaining popularity as a leisure and adventure tourism hub.
Creditworthiness and Financial Ratings
ICRA Nepal has reaffirmed the issuer rating of Maulakali Cable Car Limited at [ICRANP-IR] BB- (ICRA NP issuer rating double B minus), reflecting a moderate risk of default in meeting the company’s financial obligations on time. The rating is indicative of the company’s general creditworthiness and does not apply to any specific debt instrument. Additionally, ICRA Nepal has reaffirmed MCL’s long-term loan rating at [ICRANP] LBB- (ICRA NP L double B minus), while the company’s short-term loan rating has been withdrawn. These ratings provide potential investors with a clear perspective on the financial stability and reliability of the company as it moves toward public listing.
Company Overview and Operations
Established in October 2016, Maulakali Cable Car Limited operates a modern cable car along with an integrated 65-key resort, strategically located near Gaindakot in Nawalpur district. The cable car, a flagship segment of the company, began its operations in mid-April 2023, offering visitors a unique aerial experience of the surrounding hills and tourist attractions. The resort component became operational in mid-May 2025, complementing the cable car services and catering to domestic and international tourists seeking high-quality hospitality services.
The majority stake of the company is held by Mr. Chandra Prasad Dhakal and Mr. Hem Raj Dhakal, who control the company both personally and through other closely held entities. The ownership structure ensures that strategic decisions remain aligned with the long-term vision of promoting tourism in the region while maintaining operational efficiency and customer satisfaction.
Investor and Market Prospects
The upcoming IPO is expected to attract investors from across Nepal, particularly those interested in the tourism and hospitality sectors. With Nepal gradually positioning itself as a leading adventure and leisure destination in South Asia, Maulakali Cable Car Limited’s offerings, combining cable car services with premium resort facilities, have significant potential to draw domestic and international tourists. The public listing will allow the company to mobilize capital for future expansions, potentially introducing additional cable car routes or enhancing resort infrastructure.
The reaffirmation of MCL’s credit ratings by ICRA Nepal further strengthens investor confidence, signaling a stable financial standing and moderate risk profile. For retail and institutional investors, participation in this IPO represents an opportunity to invest in Nepal’s growing tourism infrastructure while contributing to the economic development of Nawalpur district.
With the SEBON approval pending, Maulakali Cable Car Limited is poised to become a notable entrant in Nepal’s capital market. The combination of its operational achievements, financial credibility, and strategic location in Gaindakot makes the IPO an attractive proposition for investors seeking exposure to the tourism and hospitality industry. As the company moves toward listing, it reinforces the growing trend of tourism-driven investment opportunities in Nepal, providing both financial returns for investors and enhanced tourism experiences for visitors.
