The Noida-based solar energy solutions provider Oriana Power is set to roll out its Initial Public Offering for subscription from the upcoming August 1 to August 3 on the National Stock Exchange- Emerge platform (NSE-Emerge). The SME plans to roll out 50.55 lakh equity shares with a face value of Rs 10 per share, as per the release shared by the company.
The anchor investor portion will be open for subscription on July 31. Of the 50.55 lakh equity shares, the company allocated 24 lakh shares to Qualified Institutional Buyers (QIBs, including anchor investors), and 7.2 lakh shares for Non-Institutional Investors. For retail investors, there will be 16.8 lakh shares available for allocation.
Corporate CapitalVentures will be the lead manager of the IPO issue, while Skyline Financial Services will be the registrar for the issue.
As per the Red Herring Prospectus, the company plans to utilise the raising from the IPO towards meeting its working capital requirements (Rs 23 crores), investment in the subsidiary company (2 crores), capital expenditure on the expansion (Rs 2 crore), and general corporate purposes.
Also read: Noida-based solar energy firm Oriana Power closes its pre-IPO funding round
According to the information shared in the DRHP, the company’s revenue grew from Rs 101 crore in FY22 to Rs 134 crore in FY23.
Earlier, Oriana Power had closed its pre-IPO funding round for a minority stake of 10 to 11 per cent of the total IPO. Several investors, including Prashant Jain of JSW Energy (Jindal Group), Meru’s founder Neeraj Gupta, and MSMEx’s founder Amit Kumar had participated in the pre-IPO funding round, with Anil Kumar Goel leading the investors.
Oriana Power provides solar energy solutions to industrial and commercial customers. It also offers low-carbon solutions such as rooftop, ground-mounted, and off-site solar farms. Currently, Oriana has operationalised and under-construction solar power projects worth 100 MWp across India, serving key clients such as Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement Limited, and Tata Memorial Hospital, among others.
