Omstone Hotels Ltd, the operator of the luxury Dusit Thani Himalayan Resort in Nepal, has appointed Citizens Capital Ltd as the Issue and Sales Manager for its upcoming Initial Public Offering (IPO). The appointment was formalized today during an official signing ceremony held between the two companies.
Agreement Signed Between Omstone Hotels and Citizens Capital
The agreement was signed by Mr. Ramesh Kumar Hamal, Managing Director of Omstone Hotels Ltd, and Mr. Sabir Bade Shrestha, Chief Executive Officer of Citizens Capital Ltd. As per the agreement, Citizens Capital will manage the issuance and sale of primary shares of Dusit Thani Himalayan Resort, ensuring smooth execution of the IPO process.
The event was also attended by Mr. Bishnu Mor, the lead foreign investor representing the founders of Omstone Hotels Ltd. The appointment is expected to pave the way for the resort’s entry into the Nepal Stock Exchange through public share issuance.
About Dusit Thani Himalayan Resort
Situated in Patlekhet, Dhulikhel, Kavrepalanchok, the Dusit Thani Himalayan Resort is a flagship luxury property under the globally renowned Dusit International brand. Operating since the fourth quarter of 2023, the resort is perched atop scenic hills, offering breathtaking views of the Himalayas and Kathmandu Valley.
The property is built to international architectural and technological standards, blending modern luxury with Nepal’s natural beauty. As a “unique high-value integrated resort”, it aims to contribute significantly to Nepal’s high-value tourism goals and serve as a milestone in the nation’s hospitality industry.
Global Presence of Dusit International
Dusit International, a legendary Thai hospitality brand, operates in 18 countries worldwide, delivering world-class service and luxury experiences. In Nepal, Dusit Thani Himalayan Resort represents the brand’s commitment to expanding its footprint into South Asia’s growing tourism market.
The resort is located approximately 38 km from Kathmandu, making it easily accessible yet secluded enough to offer a peaceful, private atmosphere. It has already become a preferred venue for corporate conferences, seminars, and institutional gatherings, owing to its tranquil environment and premium facilities.
Role and Expertise of Citizens Capital Ltd
Citizens Capital Ltd is a leading investment management and financial advisory company in Nepal. The firm offers a range of services, including financial advisory, portfolio management services (PMS), and mutual fund operations. It has consistently introduced new dimensions to financial services, catering to a wide range of institutional and individual clients.
The company’s leadership team includes Chairman Rajendra Lal Shrestha and CEO Sabir Bade Shrestha. Citizens Capital holds a license from the Securities Board of Nepal (SEBON) to directly interact with investors and conduct capital market operations. The company is backed by Citizens Bank International, the Employees Provident Fund, and a consortium of respected industrialists and business leaders.
Strategic Significance of the Partnership
This IPO management partnership between Omstone Hotels and Citizens Capital is viewed as a strategic step towards expanding the financial and operational base of Dusit Thani Himalayan Resort. By going public, the resort aims to attract more investment, strengthen brand recognition, and enhance its contribution to Nepal’s tourism sector.
Speaking at the event, Mr. Ramesh Kumar Hamal expressed optimism that the public share issuance would not only help raise capital but also allow the people of Nepal to become stakeholders in a landmark hospitality project. Mr. Sabir Bade Shrestha highlighted Citizens Capital’s experience in managing IPOs and ensuring compliance with regulatory frameworks, adding that the company is committed to delivering a transparent and efficient process.
Boost for Nepal’s High-Value Tourism Vision
With Nepal’s government focusing on high-value tourism to boost economic growth, projects like Dusit Thani Himalayan Resort are expected to play a crucial role. The resort offers a unique blend of luxury, culture, and natural beauty that can attract discerning travelers from around the globe.
Industry experts believe that the IPO will not only finance further expansion but also strengthen the resort’s market positioning as one of Nepal’s top luxury destinations. By integrating global hospitality standards with Nepal’s scenic appeal, Dusit Thani Himalayan Resort is well-positioned to support the country’s ambition of becoming a premium tourism hub in Asia.
