Oriana Power is offering its shares at a price band of Rs 115-118 per share. Investors can bid for a maximum of 1,200 shares in one lot and in multiples thereafter
Oriana Power Ltd initial public offering (IPO) opened for subscription on Tuesday, August 1. The company offers specialised solar energy solutions to industrial and commercial clients. It installs on-site solar projects, like rooftop and ground-mounded systems, as well as off-site solar farms, like Open Access, to provide low carbon energy options. The issue will conclude on 3 August.
The initial public offering (IPO) comprises entirely a fresh equity issues of up to 50.5 lakh equity shares aggregating up to Rs 59.6 crore.
Oriana Power has already attracted investments from well-known investors ahead of its IPO. The company is offering its shares at a price band of Rs 115-118 per share. Investors can bid for a maximum of 1,200 shares in one lot and in multiples thereafter.
The proceeds from the public issue will be used to meet public capital requirements, investments in subsidiaries, capital expenditures on infrastructure, and other general corporate purposes.
Currently, the promoters’ shareholding stands at 83.40 per cent. Their stake will be reduced to 61.40 per cent after the issue, according to the Draft Red Herring Prospectus (DRHP).
As much as 50 per cent of the portion has been booked for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and the remaining 35 per cent for retail investors.
The final allotment of shares is expected to take place on 8 August. The company’s shares are expected to be listed on August 11 on the NSE Emerge Platform.
Corporate Capital Ventures is acting as the lead manager. The registrar for the issue is Skyline Financial Services.
According to topsharebrokers.com, Oriana Power share price were trading at a premium of Rs 103 in the grey market on Tuesday.
For the financial year 2022–23, Oriana Power reported total revenue of Rs 137.31 crore, up 9.87 per cent from Rs 124.97 crore in the previous fiscal. The consolidated profit after tax (PAT) surged 57.49 per cent to Rs 10.93 crore from Rs 6.94 crore.