Super Khudi Hydropower IPO opens February 4

6th February 2026, Kathmandu

Super Khudi Hydropower Limited has officially announced the opening of its Initial Public Offering IPO for the general public starting from Falgun 4, 2082 (February 16, 2026).

Super Khudi Hydropower IPO

This second phase of the public issue follows the successful allocation of shares to project affected locals and Nepalese migrant workers earlier this year. The company which is developing the 26 MW Upper Khudi Hydropower Project in Lamjung district aims to raise significant capital to complete its construction and transition into the operational phase.

IPO Structure and Share Allocation

The company received regulatory approval from the Securities Board of Nepal SEBON to issue a total of 31 lakh ordinary shares which represents 20 percent of its issued capital. The total value of the public offering is 31 crore rupees at a face value of 100 rupees per share.

The allocation of these 31 lakh shares is broken down as follows:

• Local Residents of Lamjung: 1550000 shares were allocated to residents of project affected areas in the first phase.
• Migrant Workers: 155000 shares were reserved and issued to Nepalese citizens working abroad.
• Mutual Funds: 77500 shares were allotted to various mutual fund schemes.
• Employees: 31000 shares are reserved for the staff of Super Khudi Hydropower Limited.
• General Public: The remaining 1286500 shares are now available for subscription by general retail investors.

Application Guidelines and Timeline

Retail investors interested in the Super Khudi Hydropower IPO must adhere to the following subscription guidelines:

• Opening Date: Falgun 4, 2082 (February 16, 2026).
• Closing Date Early: Falgun 10, 2082 (February 22, 2026).
• Closing Date Late: Falgun 19, 2082 (March 3, 2026).
• Minimum Application: 10 shares 1000 rupees.
• Maximum Application: 100000 shares 1 crore rupees.

Applications must be submitted electronically through the C ASBA system via MeroShare or by visiting any ASBA approved bank or financial institution in Nepal.

Project Status and Operational Risks

The Upper Khudi Hydropower Project is a run of river ROR type project located in the Marsyangdi Rural Municipality of Lamjung. As of early 2026 the project has achieved approximately 83 percent physical progress.

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While construction is nearing completion investors should be aware of several key risks:

Operational Deadline: The project recently missed its Required Commercial Operation Date RCOD of Magh 7 2082 January 20 2026. Delays in completing the 220 kV Tadikuna substation which is being built by the Nepal Electricity Authority NEA may further postpone the start of commercial energy generation and revenue flow.

Credit Rating: CARE Ratings Nepal has assigned a CARE NP BB Issuer Rating to the company. This indicates a moderate risk of default regarding the timely servicing of financial obligations.

Hydrology Risk: As a run of river project energy production is highly dependent on the flow of the Khudi River. Generation is expected to be significantly higher during the wet season June to November compared to the dry season December to May.

Investment Outlook

Super Khudi Hydropower Limited presents an opportunity for investors to gain exposure to the renewable energy sector in Nepal. The project benefits from experienced promoters and a Power Purchase Agreement PPA with the Nepal Electricity Authority which provides a guaranteed offtake for the electricity produced. The project cost is estimated at approximately 5.38 billion rupees with a debt to equity ratio of 70 to 30.

The success of the investment will largely depend on the company’s ability to synchronize its powerhouse with the national grid and manage its debt obligations once commercial operations begin.

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