Rising Hydropower IPO: Muktinath Capital Advisory For NPR 40 Crore Share Issuance
30th June 2025, Kathmandu
Rising Hydropower Private Limited has taken a significant step towards its initial public offering (IPO) by appointing Muktinath Capital Limited as its official advisory firm.
Rising Hydropower IPO Muktinath Capital
The appointment follows the signing of an institutional advisory services agreement between the two companies, marking a milestone in Rising Hydropower’s journey to go public.
The agreement was signed by Shankar Bahadur Ghimire, Chairman of Rising Hydropower, and Kabindra Dhwaj Joshi, CEO of Muktinath Capital Limited. Since its inception, Muktinath Capital has been providing comprehensive advisory services to the company, covering all stages from establishment to share issuance.
According to the agreement, Muktinath Capital will fully collaborate on capital structure planning, amendments to the company’s memorandum and articles of association, and coordinate with regulatory authorities. Rising Hydropower aims to raise NPR 40 crore through the IPO within the fiscal year 2082/83 (2025/26) to increase its paid-up capital.
Established on Falgun 22, 2062 BS (March 2006), Rising Hydropower operates the Selang Khola Small Hydropower Project in Sindhupalchok district, with a capacity of 990 kilowatts (kW). The project generates approximately 6.77 gigawatt-hours (GWh) of electricity annually. Its debenture maturity date is noted as Bhadra 2, 2081 BS (August 18, 2024).
In a recent annual general meeting, the company resolved to transform from a private limited company to a public limited company. It also approved a name change to “Tenex Hydro Holding Limited” and has already filed the application with the Company Registrar to commence business under the new name.
Looking ahead, Rising Hydropower plans to expand its portfolio by investing in five additional hydropower companies. The partnership with Muktinath Capital is expected to strengthen the company’s institutional reforms, capital expansion, and ensure broader public participation.
Similarly, Rising Hydropower Private Limited is preparing for its IPO issuance and has also appointed Muktinath Capital Limited as its advisory firm. The agreement was signed by Rising Hydropower Chairman Shankar Bahadur Ghimire and Muktinath Capital CEO Kabindra Dhwaj Joshi. Founded on Falgun 22, 2065 BS (March 2009), Rising operates the Selang Khola Small Hydropower Project with a capacity of 190 kW, generating an annual output of approximately 6.77 GWh.
Both companies anticipate that Muktinath Capital’s advisory support will accelerate institutional improvements, capital structure enhancement, and successful public offering processes. The upcoming IPOs are part of a strategic move to raise capital and expand hydropower investments in Nepal’s growing renewable energy sector.
About Muktinath Capital
Muktinath Capital Limited has launched Muktinath Mutual Fund 1, an open-ended investment scheme for Nepali investors. It allows both individuals and institutions to participate in the country’s growing capital market. The fund is managed by a skilled team and backed by strong promoters—Muktinath Bikas Bank and Lumbini Bikas Bank.
Infomerics Nepal has rated Muktinath Capital as IRN AMC Quality 3, showing strong fund management capability. The company offers services like issue management, portfolio management, share registrar services, and depository operations. With this mutual fund, MCL is expanding beyond traditional merchant banking.
This product follows SEBON guidelines and supports easier access to equity markets. It gives small investors a chance to earn market-based returns. With NPR 1 billion planned in fund size and over NPR 656 million in current AUM, the fund shows strong growth potential. Muktinath Mutual Fund 1 reflects MCL’s vision to promote financial inclusion and disciplined investing in Nepal.
For more:- Rising Hydropower IPO Muktinath Capital
