Brahmanda Investment Group marks milestone as Beni Hydropower Project completes oversubscribed IPO

KATHMANDU: Brahmanda Investment Group has marked a milestone after the initial public offering (IPO) of the Beni Hydropower Project was oversubscribed by more than 30.55 times, attracting applications from over 2.3 million people.

A total of 86,320 applicants were allotted shares in the 19.8-megawatt river-based hydropower plant in Solukhumbu, which is now preparing to list on Nepal’s stock market. The plant reported a net profit of Rs 155.6 million in the last fiscal year after recording losses in the previous two years. Brahmanda Investment Group was among its early investors.

"We are proud to have played a small part in helping bring Beni Khola to this point," said Chewan Rai, the group’s chief executive officer. "This IPO isn’t just good news for our own investors; it means thousands of ordinary Nepalis now have the chance to become shareholders in a project that’s generating power for the country. Creating more outcomes like this is exactly what we hope to keep doing."

Brahmanda Investment Group is a Nepal-based investment company established by serving and former Gurkhas. Founded in 2013 at the initiative of Captain Prithvi Raj Rai and others, it pools the savings of Nepali servicemen and professionals, particularly those serving in the British Army and the Singapore Police Force. The company currently has more than 167 shareholders, most of whom are based overseas.

The group also maintains investments in two other hydropower ventures. Gelun Khola Hydropower, a 3.2-megawatt facility in Sindhupalchok District, is fully operational and supplying electricity to the Nepal Electricity Authority after overcoming construction delays and financial difficulties. The 64-megawatt Upper Nyasem and Nyasem A project, also in Sindhupalchok, has secured a power purchase agreement with the state utility and is nearing financial closure following the addition of new investors.

Rai assumed the role of CEO in April 2026. He has 15 years’ experience in business and law and has consulted for international organisations, including the World Bank, the Asian Development Bank and several United Nations agencies. He has also advised senior political leaders, including prime ministers and lawmakers, and received the Youth Entrepreneur Award at the Corporate Business Awards in 2024.

Brahmanda Investment Group intends to diversify beyond the energy sector by investing in hospitality, education and tourism to build a more resilient portfolio. Its leadership plans to establish the group as a prominent investment firm in Nepal within the next three years. The company also aims to secure its own public listing within five years, following a path similar to that of the Beni Hydropower Project.