SEBON Hydropower Offering Records (Selected Issuers, 2018–2025)

Summary

This source record indexes selected official Securities Board of Nepal (SEBON) prospectus, press-release and pipeline-status records for hydropower IPOs and rights issues. The individual prospectus pages and pipeline snapshots are primary regulatory disclosures; they establish that a filing, prospectus or review-stage application existed, but do not by themselves establish that an offer completed or how the proceeds were ultimately spent.

Key Findings

SEBON's prospectus archive contains IPO records for Ankhu Khola Jalvidhyut Company Limited (2018), People's Power Limited (2022), Terhathum Power Company Limited (2021), and a Rasuwagadhi Hydropower local offering (2022).
SEBON's archive also contains a right-issue record for Ankhu Khola and right-issue prospectuses for Joshi Hydropower, People's Power and Terhathum Power in 2025.
Ankhu Khola's approved right-issue prospectus states a 1:1.5 offer of 12 million shares at NPR 100, for NPR 1.20 billion. Its proceeds plan allocates NPR 800 million to equity in the 20 MW Ankhu Khola-2 project and NPR 400 million to partial repayment of the issuer's long-term bank loans. The prospectus lists NPR 1.227752064 billion of such loans before the planned repayment. This establishes the stated allocation, not the amount ultimately subscribed, allotted or applied.
The SEBON right-share pipeline snapshot dated 13 December 2024 records the following review-stage terms: People's Power, 1:0.5 and NPR 316.3 million; Terhathum Power, 1:1 and NPR 400 million. The 16 October 2024 snapshot records Joshi Hydropower at 1:0.65 and NPR 241.41 million.
SEBON subsequently published approved prospectuses for all three issues: People's Power on 7 July 2025, Terhathum Power on 29 June 2025 and Joshi Hydropower on 30 July 2025. Their proceeds plans state:
- Joshi Hydropower: NPR 241.41 million total; NPR 155.71 million for bank principal and interest, NPR 56.835195 million to repay a promoter advance, and NPR 28.864805 million for repair and maintenance of damaged project structures.
- People's Power: NPR 316.3 million total, directed to repayment of Nabil Bank's long-term project loan. The same later prospectus states that the company's earlier NPR 310 million IPO proceeds had been used to repay a Nabil Bank loan; this is an issuer statement in a regulatory filing, not a separately reconciled post-offer audit.
- Terhathum Power: NPR 400 million total, directed to partial bank loan repayment: NPR 160 million to Machhapuchchhre Bank, NPR 120 million to Nabil Bank and NPR 120 million to Global IME Bank. The prospectus explains that an earlier plan to finance the 2 MW Khorunga Tangmaya project was amended so the rights cash would first repay bank debt, with staged borrowing intended to fund later construction.
People's Power's official issuer site publishes an Issue Closed Notice of Right Share. That establishes closure of the subscription window, not the allotted amount, subscription rate or actual application of proceeds.
Ankhu Khola's audited FY 2081/82 statements provide a post-offer reconciliation. The cash-flow statement records NPR 1.20 billion from the rights issue and NPR 134.642378 million of share premium. The share note records 10,249,752 shares taken up through the rights issue and 1,750,248 sold through auction, bringing paid-up capital from NPR 800 million to NPR 2.00 billion. Net borrowing repayment was NPR 482.416277 million, and total borrowings fell from NPR 1.256615440 billion to NPR 758.141433 million. Other-equity investments increased by NPR 135.225 million. These audited lines establish completion and substantial debt reduction, but they do not yet reconcile the full NPR 800 million prospectus allocation for Ankhu Khola-2 equity.
People's Power's issuer-published unaudited third-quarter FY 2082/83 statement shows paid-up capital at NPR 948.9 million, up by exactly the NPR 316.3 million rights-offer amount from the NPR 632.6 million comparison period. It reports no long-term borrowing, compared with NPR 318.024 million in the corresponding prior-year quarter. This is balance-sheet evidence consistent with the planned loan repayment, but the quarterly statement is unaudited and does not contain a separate proceeds-application schedule.
Terhathum Power's issuer-published unaudited third-quarter FY 2082/83 statement says the 1:1 rights issue was completed, unsubscribed shares were sold by auction with NPR 97.63 million of premium, and the proceeds were used to repay long-term bank borrowings. Paid-up capital doubled from NPR 400 million to NPR 800 million, while long-term borrowings fell from NPR 884.152207 million in the corresponding prior-year quarter to NPR 344.120399 million. The total debt reduction exceeds the offer amount and therefore should not be attributed entirely to rights cash.
Joshi Hydropower's issuer site and the issue manager preserve the approved offer record, but no issuer, SEBON or NEPSE post-offer filing located in this pass establishes final allotment, actual application of proceeds or a subsequent audited loan balance.
The pipeline snapshots label processing stages such as "reviewed and comment sent". Those stages must not be described as completed rights issues without a subsequent completion, allotment or financial-statement record.

Relevance

These records provide the regulatory-document trail for the issuer-by-issuer inventory in IPO Hydropower Bailout.

Limitations

The published PDFs are frequently Nepali-language and legacy-font encoded. The proceeds plans above have been checked at page level. Post-offer evidence is now available for Ankhu Khola, People's Power and Terhathum Power, but only Ankhu Khola's evidence is audited.
A SEBON pipeline listing is an application-status record, not proof of an issued, allotted or fully subscribed security.
The records do not provide a complete census of hydropower offerings, actual allocation of proceeds, debt-repayment outcomes or NRB bank-exposure data.