Oriana Power IPO Details: GMP, Price Band, Subscription Status
Oriana Power Ltd, a company specializing in solar energy solutions for industrial and commercial clients, is set to open its initial public offering (IPO) for subscription on August 1, Tuesday.
The company’s core operations encompass two sectors: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Oriana Power installs on-site solar projects, such as rooftop and ground-mounted systems, as well as off-site solar farms, like Open access, to provide eco-friendly energy options.
Notably, Oriana Power recently introduced its official brand, TrueRE, aiming to gain widespread recognition for its services, as mentioned in the red herring prospectus (RHP).
For the fiscal year that ended in March 2023, the company reported a total revenue of ₹137.31 crore, showing a 9.87% increase from ₹124.97 crore in the comparable prior-year period. Additionally, the consolidated profit after tax surged by 57.49% to ₹10.93 crore from ₹6.94 crore.
Here are ten key things you need to know about the Oriana Power IPO:
Oriana Power IPO Dates:
- The subscription for Oriana Power IPO opens on August 1 and closes on August 3, Thursday.
Oriana Power IPO Price Band:
- The price band for the proposed SME initial public offer is set at ₹115 to ₹118 per equity share.
Oriana Power IPO Details and Size:
- The IPO comprises a completely fresh equity offering of up to 50.5 lakh equity shares, totaling up to ₹59.6 crore.
Oriana Power IPO Lot Size:
- Bidding can be made for a minimum of 1200 equity shares, with multiples of 1200 shares thereafter.
Oriana Power IPO Allotment and Listing Dates:
- The basis of share allotment will be finalized on August 8, Tuesday.
- Refunds will be initiated on August 9, Wednesday.
- Shares will be credited to the demat accounts of allottees on August 10, Thursday.
- Oriana Power IPO shares are expected to be listed on NSE SME on August 11, Friday.
Oriana Power IPO Lead Manager and Registrar:
- Corporate Capital Ventures Private Ltd is the book running lead manager for the IPO.
- Skyline Financial Services Private Ltd is the registrar to the issue.
Oriana Power IPO GMP Today:
- The Grey Market Premium (GMP) for Oriana Power IPO is currently +103.
- This indicates that the shares of Oriana Power are trading at a premium of ₹103 in the grey market on Tuesday, as per topsharebrokers.com.
- Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Oriana Power shares is ₹221 apiece, representing an 87.29% increase from the IPO price.
- The “grey market premium” reflects investors’ willingness to pay more than the issue price.
Oriana Power IPO Subscription Status:
- On the first day, Oriana Power Ltd was subscribed 3.44 times.
- Retail investors showed significant interest, with their portion subscribed 6.21 times.
- Non-institutional buyers’ portion was subscribed 1.57 times.
- The company received bids for 1,15,53,600 shares against 5,055,600 shares on offer, according to data on chittorgarh.com.
Oriana Power IPO Objective:
- The net proceeds from the IPO will be utilized to meet working capital requirements, including daily operating expenses.
- The funds will also be invested in subsidiary companies and other capital expenditures, such as technology, equipment, and infrastructure purposes.
Oriana Power IPO Reservation:
- The IPO has reserved not more than 50% of the shares for Qualified Institutional Buyers (QIB).
- Non-Institutional Investors (NII) have a reservation of not less than 15%.
- Retail Investors are entitled to a reservation of not less than 35% of the total offer.
About Oriana Power:
Oriana Power specializes in delivering solar energy solutions to industrial and commercial clients. The company focuses on low-carbon energy alternatives, including on-site solar projects such as rooftop and ground-mounted systems, as well as off-site solar farms known as open access installations.
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