Hot on the heels of adding four major manufacturing companies to its list, the Securities Board of Nepal (SEBON) has expanded its IPO pipeline yet again. On June 5, 2026, the regulatory body officially registered the public offering proposals of two major green energy players: Raghuganga Hydropower Limited and Super Hewa Power Company Limited.
Combined, these two clean-energy projects aim to pull in a whopping Rs. 169.25 Crores from the primary market. Here is a deep dive into both projects, their financial structures, assigned issue managers, and safety ratings.
Raghuganga Hydropower Limited (RGHL)
Total IPO Volume: 15,000,000 units (Worth Rs. 150.00 Crores)
Issue Manager: NIC Asia Capital Limited
Face Value: Rs. 100 per share
About the Company & Project
Incorporated on March 7, 2017, Raghuganga Hydropower Limited is a high-profile player in Nepal’s energy matrix because of its corporate backing. It is a subsidiary promoted directly by the Nepal Electricity Authority (NEA), which serves as the project’s sole shareholder and primary institutional lender.
The company is utilizing the funds to develop the massive 40 MW Rahughat Hydropower Project, a Peaking Run-of-the-River (PROR) facility located in the Myagdi District of Gandaki Province.
Credit Rating & Safety
CARE Ratings Nepal Limited (CRNL) has assigned a CARE-NP BBB- (Is) issuer rating to RGHL. A “Triple B Minus” rating is a strong indicator for long-term investors, signaling a moderate degree of safety and low default risk, reinforced by its direct state-backed lineage via the NEA.
Super Hewa Power Company Limited (SHEPCL)
Total IPO Volume: 1,925,000 units (Worth Rs. 19.25 Crores)
Issue Manager: Laxmi Sunrise Capital Limited
Face Value: Rs. 100 per share
About the Company & Project
Super Hewa Power Company entered the corporate landscape as a private entity back on November 23, 2010, before restructuring into a public limited firm on July 14, 2022. The company is backed by a diverse blend of corporate institutional stakeholders and individual domain experts.
Unlike many pipeline companies that ask for public funds before finishing construction, Super Hewa is already an operational cash-generating asset. The company successfully completed and has been running its 6 MW Super Hewa Small Hydropower Project in the Sankhuwasabha District since April 14, 2025.
Credit Rating & Safety
Reflecting its transition into an active commercial producer, CARE Ratings Nepal upgraded SHEPCL’s issuer rating to CARE-NP BB (Is) from its older BB- status. This upgrade points to a moderate risk profile with stable cash inflows from electricity sales to national grids.
Energy Pipeline Summary for Retail Investors
| Hydropower Company | Proposed Units | Total Capital Target | Issue Manager | Credit Rating |
| Raghuganga Hydropower | 15,000,000 | Rs. 150.00 Crores | NIC Asia Capital | CARE-NP BBB- (Is) |
| Super Hewa Power | 1,925,000 | Rs. 19.25 Crores | Laxmi Sunrise Capital | CARE-NP BB (Is) |
What does the pipeline stage mean?
Both issues are currently under regulatory review by SEBON. The companies cannot open their subscription windows until SEBON gives its final official stamp of approval. Once cleared, the IPOs will roll out sequentially, first to project-affected locals and foreign-employed Nepalese, followed by the general public.
Hydropower shares remain a crowd favorite in Nepal due to their low entry barrier at standard face values (Rs. 100 per unit). Raghuganga stands out due to its substantial project scale (40 MW) and NEA management pedigree, while Super Hewa provides the security of an already operational plant hitting commercial targets.
As both companies gear up for final clearances, make sure your CRN numbers and Demat linkages are updated in MeroShare to ensure smooth application processing when the dates go live.
