BackEnergy firm Oriana Power closes pre-IPO funding round
The company will utilise the proceeds from the IPO as follows: ₹23 crore to meet its working capital requirement, ₹20 crore for investments in its subsidiaries and ₹2 crore for capital expenditure investments.
PremiumNew Delhi: Solar energy firm Oriana Power Ltd on Tuesday said it has successfully closed its pre-IPO funding round with the participation of several stock market veterans.
Several investors, including Prashant Jain of JSW Energy (Jindal Group), Meru’s founder Neeraj Gupta, and MSMEx’s founder Amit Kumar participated in the funding round, with Anil Kumar Goel leading the investors.
Oriana Power has already filed its draft red herring prospectus (DRHP) for its proposed initial public offering (IPO). The offer will involve the issuance of 50.55 lakh shares at a face value of ₹10 each through the book-building route.
The company has appointed Corporate CapitalVentures Private Ltd as lead manager for the issue, while Skyline Financial Service Private Ltd. will be the registrar to the issue.
According to the DRHP, the company will utilise the proceeds from the IPO as follows: ₹23 crore to meet its working capital requirement, ₹20 crore for investments in its subsidiaries and ₹2 crore for capital expenditure investments.
Co-founded by Anirudh Saraswat, Rupal Gupta and Parveen Kumar Jangra, Oriana Power commenced operations in 2017. The three promoters currently hold 83.40% in the company. Post issue, the promoters‘ stake would stand reduced to 61.41%.
According to the information shared in the DRHP, the company’s revenue grew from ₹101 crore in FY22 to ₹134 crore in FY23. Additionally, tax fillings doubled from ₹6.96 crore for FY22 to ₹12.69 crore in FY23.
Oriana Power provides solar power solutions for clients in the Commercial & Industrial (C&I) space. It installs on-site solar projects such as rooftops, ground-mounted systems, and off-site solar farms, i.e., Open access. Oriana’s business operations are divided in two segments - capital expenditure (capex) and Renewable Energy Service Company (RESCO).
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