Sanigad Hydro IPO Opens Today for General Public — 46.74 Lakh Units on Sale at Rs. 100

Sanigad Hydro Limited, the promoter of the 38.46 MW Upper Kalangad Hydropower Project in Bajhang district of Sudurpaschim Province, has opened its Initial Public Offering (IPO) for general-public investors on Monday, Jeth 18, 2083 (June 1, 2026). The IPO was originally scheduled to open on Jeth 14 but was rescheduled to today due to a public holiday on the previously planned date.

The company is offering 46 Lakh 74 Thousand units of ordinary shares at a par value of Rs. 100 per share — total IPO size Rs. 46 Crore 74 Lakh. Each investor may apply for a minimum of 10 units and a maximum of 20,000 units. Applications close at the earliest on Jeth 21, 2083 and at the latest on Asar 1, 2083.

📋 Table 1: IPO Allocation Structure

📅 Application Timeline

🏢 Company and Project Profile

Sanigad Hydro Limited was incorporated in December 2007 as a private limited company and later converted into a public limited company on July 14, 2021. The company operates the Upper Kalangad Hydroelectric Project, a 38.46 MW run-of-river facility located on the right bank of the Kalanga River in Sunkuda and Khiratadi VDCs of Bajhang district, Sudurpaschim Province.

The project leverages the river's flow — partly sustained by snowmelt — with a gross head of 585.50 m, a design discharge of 8 m³/s, and an expected annual energy generation of 219.3 GWh. The total estimated project cost is approximately Rs. 8 Arba 68 Crore 70 Lakh.

📊 Table 2: IPO Key Indicators

⚖️ Credit Rating Significance

The ICRANP Issuer Rating BB- assigned by ICRA Nepal indicates that the company has a moderate-to-high level of risk in meeting its financial obligations. This rating reflects the project's long construction period, financial leverage, and inherent hydrology risk typical for large run-of-river hydropower issuers in Sudurpaschim's mountainous terrain — while also recognising the long-term Power Purchase Agreement (PPA) with the Nepal Electricity Authority (NEA) as a revenue cushion.

💼 How to Apply

Investors can apply through Mero Share or  any SEBON-licensed C-ASBA participating bank or financial institution at their designated branch offices, or via online platforms such as MeroShare. With a minimum of 10 units (Rs. 1,000) and a maximum of 20,000 units (Rs. 20 Lakh), the offer is accessible to both retail and mid-ticket investors.