KATHMANDU: The Securities Board of Nepal (SEBON) has IPO applications worth over Rs 55 billion pending from 88 companies seeking to raise capital through public share offerings.
According to the list published by SEBON on April 17, 2025 BS, these 88 companies are awaiting approval to issue ordinary shares (IPOs). If all of them receive approval, they will collectively issue 403,970,640 shares and raise Rs 55.56 billion from the public.
To apply for all these IPOs, an investor would need to deposit at least Rs 107,587.20 into the account of the share issue manager. If the IPOs do not proceed, the funds will be refunded to the applicants.
Hydropower sector dominates
The hydropower sector leads the IPO pipeline with 44 companies awaiting approval. Due to a pause in hydropower IPOs over the past 22 months, the sector now dominates the list, according to energy experts.
If all 44 companies receive approval, they will issue 194.82 million shares worth Rs 19.48 billion. Two companies—Century Energy Limited and Himal Hydropower Limited—have applied to issue shares through the book-building method, at Rs 275.11 and Rs 218 per share, respectively.
The remaining 42 companies have proposed to issue shares at Rs 100 each. Investors applying for all hydro IPOs would need to invest Rs 46,693.10.
17 companies from the production and processing sector
Seventeen companies from the production and processing sector have also applied for IPOs. If approved, they will issue 111.17 million shares and raise Rs 24.48 billion.
Six companies in this group have proposed issuing shares at premium rates through the book-building process, while the remaining 11 aim to issue shares at Rs 100 per unit. Investors would need to deposit approximately Rs 26,396 to apply for all IPOs in this category.
11 companies from other sectors
SEBON’s list includes 11 companies from various sectors seeking to issue 32.44 million shares worth Rs 3.92 billion.
Seven of these companies plan to issue shares at Rs 100 per share, while three have applied to issue at a premium. Notably, Nepal Broadcasting Channel Limited (News 24 TV) has proposed issuing shares at Rs 50 per share.
Hotel and tourism sector
Nine companies from the hotel and tourism sector have submitted IPO applications. Collectively, they plan to issue 43.32 million shares worth Rs 4.1 billion.
Among them, Akama Hotel Limited has proposed issuing shares at Rs 50 per unit, while the other eight companies plan to sell at Rs 100 per share. Investors applying for all IPOs in this group would need Rs 8,500.
Microinsurance companies
Three microinsurance companies—Protective, Star, and Liberty—have applied to issue a combined 6.75 million shares worth Rs 657 million.
All three plan to offer shares at Rs 100 each, and no company from this group has sought approval for book-building or premium pricing. Investors would need Rs 3,000 to apply for shares in all three companies.
Shivam Holdings seeks IPO approval at Rs 210 per share
Three companies from the investment group have applied to the Securities Board of Nepal (SEBON) for permission to issue Initial Public Offerings (IPOs), including Shivam Holdings Limited, a subsidiary of Shivam Cement.
Shivam Holdings has proposed issuing its IPO at a premium price of Rs 210 per share. In total, the investment group plans to issue 15,553,750 shares, aiming to raise approximately Rs 2.93 billion from the public.
To apply for IPOs from all three investment companies, an investor would need to submit an application worth Rs 4,100.
Meanwhile, from the microfinance sector, Swastik Laghubitta Bittiya Sanstha Limited has also applied for IPO approval. The company plans to issue 80,000 shares at a face value of Rs 100 each, totaling Rs 8 million.
Delays in IPO approval process
According to energy sector representatives, IPO issuance delays have prevented many producers from investing in new projects. They say that approvals have been stalled for nearly 22 months.
SEBON spokesperson Niranjay Ghimire acknowledged the delay, stating that the review process is ongoing.
“It has been a long time since some companies applied,” said Ghimire. “These companies need to update the documents submitted at the time of their initial application.”
He explained that the board is reviewing documents in phases and requesting updates from companies where necessary.
“Once updated documents are submitted, SEBON will grant IPO issuance approvals based on the company’s eligibility,” he added. “The process has taken time because many companies submitted outdated or incomplete details, which must be updated before approval can be considered.”
Ghimire clarified that companies that have completed the required documentation and legal procedures are being granted approval. “It’s not feasible to review all applications simultaneously,” he said. “We are processing them sequentially, which naturally takes time.”
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