SME IPO: Oriana Power's Public Offer Fully Subscribed; Check GMP, Subscription Status, And More

SME IPO: Energy firm, Oriana Power received stellar demand on the first day of its initial public offering (IPO) by oversubscribing. The IPO which opened on August 1, subscribed by 8.72 times on this day driven by impressive bidding from retail and non-institutional investors. The equity shares in the IPO are proposed to be listed on NSE Emerge.

Data from NSE showed that on Tuesday, the IPO received bids of a whopping 4,41,03,600 equity shares against the offered size of 50,55,600 equity shares --- registering a subscription of 8.72 times.

Retail investors portion bid for 3,78,27,600 equity shares on Day 1, while non-institutional investors category bid for 60,78,000 equity shares. However, qualified institutional buyers (QIBs) showed appetite at a slower pace with bidding of 1,98,000 equity shares.

Wednesday (August 2) is the second day of the issue. The IPO will close on August 3rd for subscriptions.

The price band for the IPO is fixed at Rs 115 apiece to Rs 118 apiece at a face value of Rs 10 each. The bid lot size is 1200 Equity Shares and in multiples thereof.

Corporate Capital Ventures Private Limited is the book-running lead manager of the IPO, while Skyline Financial Services is the registrar of the issue.

The company plans to use the proceeds of the IPO for working capital requirements, investment in subsidiaries, CAPEX on infrastructure and technology expansion, and general corporate purposes.

After the IPO closes on August 3, the basis of allotment of equity shares will be carried on August 8, followed by initiation of refunds on August 9, and credit of shares to demat accounts on August 10. As per Chittorgarh, the listing is expected on August 11.

Notably, Oriana Power's grey market premium is at a whopping Rs 104 apiece on Wednesday, as per TopShareBrokers website, suggesting a massive 88% premium listing to Rs 222 apiece (Rs 118 + Rs 104) as of now.

Oriana Power is a company that specializes in providing solar energy solutions to industrial and commercial customers. It offers r low carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as off-site solar farms i.e. Open access.

However, the company's operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO).

In the CAPEX business, the company has major clients such as HPCL, Hero MotoCorp, JK Laxmi Cement, Bectors Food Specialities, and Adani Mundra Solar PV among others. In this model, the company offers Engineering, Procurement, construction, and operation of solar projects.

Meanwhile, in its RESCO model, the company operates through its 18 subsidiaries that provide solar energy solutions on a BOOT (Build, own, operate, transfer) model basis, allowing our customers to enjoy the benefits of solar energy without the upfront investment.