Oriana Power sets IPO price band at ₹115 to ₹118 per equity share
The company will deploy the IPO proceeds to meet its working capital requirement ( ₹23 crore), investment in subsidiary companies ( ₹20 crore), for capital expenditure ( ₹2 crore) and general corporate purposes
New Delhi: Oriana Power on Tuesday fixed the price band for its initial public offering (IPO) at ₹115 to ₹118 per equity share. The energy firm plans to raise around ₹60 crore through the IPO.
“The public issue of Noida-headquartered Oriana Power Ltd will open for subscription on 1 August 2023 and close on 3 August 2023. The anchor investor portion will be open for subscription on 31 July 2023,” the company said in a press release.
The IPO will follow the book-building route and will include 50.55 lakh equity shares, each with a face value of ₹10. The listing of these shares will take place on NSE Emerge.
As part of the allocation, 24 lakh shares have been earmarked for qualified institutional buyers (QIBs), out of which 14.40 lakh shares have been reserved for anchor investors. Additionally, non-institutional investors will have access to 7.20 lakh shares, while retail investors will have 16.80 lakh shares set aside for their participation in the IPO.
Corporate Capital Ventures Private Ltd is overseeing the issue as the lead manager, while Skyline Financial Service Private Ltd. has been appointed as the registrar to the IPO.
As per the Red Herring Prospectus, the company will deploy the IPO proceeds to meet its working capital requirement ( ₹23 crore), investment in subsidiary companies ( ₹20 crore), for capital expenditure ( ₹2 crore) and general corporate purposes.
The company recently closed its pre-IPO round, with several reputed investors, including Chennai-based Anil Kumar Goel, JSW Energy’s Prashant Jain, Meru’s founder Neeraj Gupta, Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar, participating in the offering.
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