KATHMANDU: Siddhartha International Hotel Limited, a prominent name in Nepal’s hospitality sector and part of Siddhartha Hospitality, is set to launch its initial public offering (IPO). The company has appointed Muktinath Capital as an issue manager for the IPO.
Siddhartha International Hotel Limited operates the luxurious Siddhartha Boutique Hotel in Baudha and the prestigious Siddhartha Vilasa in Bhairahawa, Rupandehi. Tuesday morning, Chairman of Siddhartha Hospitality Chintamani Neupane and CEO of Muktinath Capital Kabindra Dhoj Joshi signed the agreement.
The IPO, which will see 10% of the total issued capital offered to the public, is planned for the current fiscal year 2024–2025, according to Chairman Neupane.
Siddhartha Hospitality oversees more than two dozen companies, including Siddhartha Vilasa (five-star), Siddhartha Vaibhav (four-star), and Siddhartha Vatika (three-star), along with ventures in hospitality education, restaurants, cottages, cafes, agricultural farms, trading, and IT services.
Muktinath Capital, a subsidiary of Muktinath Bikas Bank, is a leading merchant banking firm renowned for portfolio management, share registrar services, securities issue and sales, underwriting, depositary participant services, fund manager and depository and corporate advisory services in the capital market.
CEO Joshi also revealed plans for launching a scheme of mutual fund in the near future. As a well-known subsidiary of Muktinath Bikas Bank, Muktinath Capital is well-known for its services in the capital market, including securities issue and sales, underwriting, portfolio management, share registrar, depositary participant, fund manager and depository services. Additionally, CEO Joshi disclosed that a mutual fund scheme would soon be launched.