Rising Hydropower Pvt. Ltd. has appointed Muktinath Capital Limited as the issue manager for its upcoming Initial Public Offering (IPO). A bilateral agreement was recently signed between the two parties, marking a key step in the company’s transition to a public limited entity.

The agreement was signed by the chairman of Rising Hydropower and the CEO of Muktinath Capital. As the issue manager, Muktinath Capital will oversee all processes related to the IPO - from regulatory coordination to share issuance - ensuring compliance and efficiency.

Established on March 6, 2006, Rising Hydropower has been actively engaged in clean energy production. Its 990-kW Selang Khola Small Hydropower Project, located in Sindhupalchowk, generates 6.77 GWh of electricity annually and has been supplying to the national grid since August 18, 2024.

The company recently decided to convert into a public limited company under the name “Tenax Hydro Holdings Limited,” as approved in its AGM on April 9, 2025. An application has already been submitted to the Office of the Company Registrar.

The company plans to issue public shares within FY 2025/26 and increase its paid-up capital to Rs. 40 crores. It also intends to promote investment in five additional hydropower projects as part of its expansion strategy.

Source: ShareSansar