Oriana Power IPO: GMP, price band, subscription status on day 2, and other key details
- Oriana Power IPO opened on August 1. The IPO consists of completely fresh equity offering of up to 50.5 lakh equity shares totalling up to ₹59.6 crore. Price band set at ₹115 to ₹118 per share.
Oriana Power Ltd initial public offering (IPO) opened for subscription on Tuesday, August 1.
Oriana Power specialised in offering industrial and commercial clients solar energy solutions. The company installs on-site solar projects, like rooftop and ground-mounted systems, as well as off-site solar farms, like Open access, to provide low carbon energy options. The two sectors that make up the majority of the company operations are Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO).
Recently, the business unveiled TrueRE as its official brand. The company, according to the red herring prospectus (RHP), thinks that maintaining its brand is essential to gaining widespread recognition for its services.
For the fiscal year that ended in March 2023, the company reported total revenue of ₹137.31 crore, up 9.87% from ₹124.97 crore in the comparable prior-year period. The consolidated profit after tax jumped by 57.49% to ₹10.93 crore from ₹6.94 crore.
Here are the 10 key things to know about Oriana Power IPO:
Oriana Power IPO Dates: Oriana Power IPO opens for subscription on Tuesday, August 1, and closes on Thursday, August 3.
Oriana Power IPO price band: The company has fixed the price band at ₹115 to ₹118 per equity share for the proposed SME initial public offer.
Oriana Power IPO issue details and size: The Oriana Power IPO is made up of a completely fresh equity offering of up to 50.5 lakh equity shares totalling up to ₹59.6 crore.
Oriana Power IPO lot size: Bid can be made for minimum of 1200 equity shares and the multiples of 1200 equity shares thereafter.
Oriana Power IPO allotment and listing dates: The basis of allotment of shares will be finalised on Tuesday, August 8 and the company will initiate refunds on Wednesday, August 9, while the shares will be credited to the demat account of allottees on Thursday, August 10. Oriana Power IPO shares are likely to be listed on NSE SME on Friday, August 11.
Oriana Power IPO Lead Manager and Registrar: The book running lead manager to the issue is Corporate Capital ventures Private Ltd and registrar to the issue is Skyline Financial Services Private Ltd.
Oriana Power IPO GMP today: Oriana Power IPO GMP or grey market premium is +105, higher than previous trading sessions. This indicates that the shares of Oriana Power share price were trading at a premium of ₹105 in the grey market on Wednesday, according to 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 share price is ₹223 apiece, which is 88.98% higher than the IPO price.
On Tuesday, Oriana Power IPO GMP was ₹104. According to analysts of topsharebrokers.com, trend indicates upside and expects a strong listing. With this, retail investors should apply in this IPO.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Oriana Power IPO subscription status: Oriana Power Ltd was subscribed 40.58 times on day 2. The public offer saw huge demand from retail investors who subscribed to the issue 68.76 times, followed by non-institutional buyers who subscribed 23.88 times, and Qualified Institutions buyers subscribed 3.78 times to the issue.
The company has received bids for 13,63,33,200 shares against 5,055,600 shares on offer, according to data on chittorgarh.com.
On day 1, Oriana Power IPO subscription status was 13.45 times. The issue received positive response from retail investors who's portion set was subscribed 23.30 times, followed by non-institutional buyers who's portion set was subscribed 8.16 times, and Qualified Institutions buyers portion was subscribed 21%, according to data on chittorgarh.com.
Oriana Power IPO objective: The company plans to utilise the net proceeds to meet its working capital requirements which includes daily operating expenses, secondly the company aims to use the funds as investment in subsidiary, and for other capital expenditures that includes investment in technology, equipment, and infrastructure purposes.
Oriana Power IPO reservation: Oriana Power IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
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