Nabil Investment Banking Limited and The Massif Hotel Private Limited (operating under Royal Tulip Kathmandu) have signed a formal agreement under institutional advisory services to initiate the process of converting the private company into a public limited company and preparing it for an Initial Public Offering (IPO).
The agreement, titled “Road to IPO,” aims to provide structured advisory, coordination, and technical assistance to transform the company into a listed entity and support all necessary preparations required for public issuance. The agreement was signed by Rajendra Shakya, Chairman of The Massif Hotel Private Limited, and Manish Narayan Joshi, Chief Executive Officer of Nabil Investment Banking Limited.
Five-Star Hotel with Large Capacity in Gwarko
The Massif Hotel Private Limited, operating under the international brand Royal Tulip Kathmandu, is located in Gwarko, Lalitpur. The hotel is recognized as one of the largest hospitality establishments in Nepal in terms of capacity, featuring 308 rooms and suites.
The property is designed as a modern five-star hotel with contemporary architecture and high-end facilities. It also includes around 10 meeting halls of varying sizes, making it suitable for conferences, corporate events, and large-scale gatherings.
The hotel offers 308 well-designed rooms equipped with modern amenities, aiming to deliver premium hospitality services. It also includes an in-house world-class restaurant, wellness and spa services, and a fully equipped health club.
According to the company, the hotel focuses on providing personalized services and creating a memorable guest experience. With scenic views, modern infrastructure, and luxury hospitality offerings, the hotel positions itself as a premium destination in Nepal’s growing tourism and business travel sector.
Support for IPO Preparation and Public Listing Transition
Under the agreement, Nabil Investment Banking will assist The Massif Hotel in fulfilling all necessary regulatory, financial, and structural requirements for its transition into a public limited company. This includes advisory services for corporate restructuring, compliance readiness, and preparation for public issuance. Once preparatory work is completed, the company plans to seek approval from relevant regulatory authorities for IPO issuance. The advisory firm stated that its role will include facilitating coordination among stakeholders and guiding the company through the entire IPO roadmap process.
Credit Rating Withdrawal and Financial Background
In a separate development, ICRA Nepal has withdrawn the long-term and short-term credit ratings previously assigned to The Massif Hotel Private Limited. The withdrawn ratings included [ICRANP] LB (Issuer Not Cooperating) for long-term loans and [ICRANP] A4 (Issuer Not Cooperating) for short-term loans.
The decision was taken following non-cooperation from the company during rating surveillance, despite multiple follow-ups. The ratings had earlier been placed under notice for withdrawal for six months, during which no required cooperation was received. ICRA Nepal clarified that it does not have updated information indicating any change in the company’s credit risk profile since the last review.
Project Background and Development Timeline
The Massif Hotel Private Limited, incorporated in August 2018, is a special purpose vehicle (SPV) established to own and operate the proposed five-star hotel in Gwarko, Lalitpur. Initially planned to begin operations in the second half of 2023, the project has faced delays and is yet to fully commence commercial operations as scheduled.
The company is promoted by Rajendra Shakya, who is also the Chairman of Guna Group of Companies, a diversified business group involved in sectors including real estate, airlines, and media. The hotel marks one of the group’s major ventures in the hospitality industry.
Outlook Toward Capital Market Entry
With the signing of the “Road to IPO” agreement, the hotel project is now moving toward capital market participation, which is expected to enhance its financial structure and visibility in the hospitality sector. Once completed, the IPO process will potentially make The Massif Hotel one of the prominent listed hospitality companies in Nepal, subject to regulatory approvals and market conditions.
