Today’s IPO Subscription Period Starts for Oriana Power: Important Dates, Price Band, GMP, Lot Size, Analysis, and Other Information Can Be Found Here
Today (August 1), subscriptions for the first public offering (IPO) of Noida-based renewable energy startup Oriana Power will be accepted. The public comment period will expire on Wednesday, August 3. This indicates that Wednesday is the final day for bids.
Market watchers claim that the company’s shares are fetching a premium of Rs 103 on the unlisted market prior to the issue’s availability for subscription.
Due to the fact that well-known investors made investments in Oriana Power before its first public offering, the company has already drawn considerable market interest.
Investors are permitted to bid for lots of 1,200 shares, with the price range for the offering set at Rs 115-118 per share.
A new equity offering totaling around 50.5 lakh equity shares for a total of Rs 59.6 crore makes up the IPO.
The proceeds from the issuance will be used by the firm for working capital needs, investments in subsidiaries, capital expenditures on infrastructure, and other corporate goals.
Presently, 83.40% of the shares are owned by the promoters. According to the Draft Red Herring Prospectus (DRHP), after the IPO, their ownership interest in the business will drop to 61.40%.
The business has set aside 35% of the public offering for individual investors, 15% for non-institutional investors, and 50% for qualified institutional buyers (QIBs).
On August 8, the final share distribution is anticipated to take place. On August 11, Oriana Power shares are most likely to make their debut on the NSE Emerge platform.
Running lead managers booked
The issue’s lead manager is Corporate Capital Ventures, and the registrar is Skyline Financial Services.
Significant dates
The initial public offering begins on August 1 and ends on August 3. On August 8, the final allocation of shares is most likely to occur. On August 11, the company’s shares are anticipated to go public.
About the business:
Solar energy solutions are offered by Oriana Power to business and industrial clients. The business installs on-site solar projects, such as rooftop and ground-mounted systems, as well as off-site solar farms, such as Open access, to provide low-carbon energy solutions. Oriana recently unveiled TrueRE as its corporate brand, which is expected to expand its renewable energy industry beyond solar. Consolidated revenue for the firm increased 9.87% to Rs 137.31 crore during the fiscal year that ended in March 2023 from Rs 124.97 crore the previous year.
