Himalayan Solar IPO
LISTEDSMEListing Performance
▼ 17.48%
Issue Price
₹103
Listing Price
₹85
Listed On
05 Oct 2026
- Price Band
- ₹98 – ₹103
- Lot Size
- 1,200
- Lot Value
- ₹1,23,600
- Open Date
- 25 Sep25 Sep 2026
- Close Date
- 29 Sep29 Sep 2026
- Min Investment
- ₹1,23,600
Himalayan Solar — Stock Performance
About Himalayan Solar
Use of IPO Proceeds
Total allocation: ₹44.60 Cr (excludes issue expenses)
Promoters
Karthyayini M
Pre-issue: 50.22% · Post-issue: 33.61%
Manjeet Singh
Pre-issue: 22% · Post-issue: 16.14%
Mehtab Singh
Pre-issue: 9.02% · Post-issue: 6.61%
Anita Kumari
Pre-issue: 9.02% · Post-issue: 6.61%
Himanshu Dalal
Pre-issue: 9.75% · Post-issue: 7.15%
Investment Analysis
Quick Analysis: 2 strengths · 4 risk factors· Exchange: NSE SME
Strengths (2)
- •Established relationships with major government renewable energy customers since FY 2021-22
- •Significant revenue concentration from reliable HAREDA customer over three years
Risk Factors (4)
- •First public offering with no established market for equity shares; floor, cap and offer prices determined through book building process with no assurance of post-listing trading activity or price.
- •Investments in equity securities involve significant risk; investors may lose entire investment if unable to afford risk of loss; SEBI has not approved or guaranteed prospectus accuracy.
- •No assurance of active or sustained equity share trading post-listing; price at which shares will trade after listing cannot be guaranteed or predicted.
- •Book building price band determination involves discretion of company and BRLM; anchor investor allocation discretionary with up to 60% of QIB portion; allocation outcomes uncertain.
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.18x (QIB 1.66x, NII 0.95x, Retail 1.26x) at close
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (1 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,23,600 |
| Retail (max) | 1 | 1,200 | ₹1,23,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (max) | 8 | 9,600 | ₹9,88,800 |
| B-HNI (min) | 9 | 10,800 | ₹11,12,400 |
Subscription Status
| Category | Day 1 | Day 3 | Day 4 | Day 5 |
|---|---|---|---|---|
| QIB | 0.85x | — | 1.58x | 1.66x |
| sNII (S-HNI) | — | — | — | — |
| bNII (B-HNI) | — | — | — | — |
| Retail | 0.48x | — | 0.83x | 1.26x |
| Total | 0.47x | — | 0.72x | 1.18x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.26x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~79.4%
Non-Institutional Investors (NII / HNI)
Subscription
0.95x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.66x
Allotment Type
Discretionary allotment
Total Subscription
1.18x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
Issue Opens
25 Sep 2026 · Fri
Issue Closes
29 Sep 2026 · Tue
Bidding Cut-off (UPI Mandate)
29 Sep 2026 · 5:00 PM IST
Allotment
30 Sep 2026 · Wed
Listing
05 Oct 2026 · Mon
IPO Details
| Registrar | Maashitla Securities Private Limited |
| Exchange | NSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹68.03 Cr |
| Fresh Issue | — |
| OFS Size | ₹7.35 Cr |
| Lead Managers | FINSHORE MANAGEMENT SERVICES LIMITED |
3-Year Financial Summary
Financial data not available yet.
Check the valuation yourself
Company Fundamentals
12 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹16.22 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Himalayan Solar offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Himalayan Solar's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Himalayan Solar's filing.
Source: Himalayan Solar offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- Anchor+60.00%
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- MRS. KARTHYAYINI M7,14,000 sh
Source: Himalayan Solar offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Manjeet Singh₹0.26 Cr p.a.
Managing Director
Bachelor of Arts from Panjab University in April 2006 and Master of Social Work from Eastern Institute for Integrated Learning in Management University Sikkim in the year March, 2013
More than 17 Years
- Mehtab Singh₹0.10 Cr p.a.
Whole Time Director
- Himanshu Dalal₹0.05 Cr p.a.
Executive Director
- Anita Kumari
Independent Director
- Ramesh Chander Hooda
Independent Director
- Sankara Sastry Oruganti
Independent Director
Source: Himalayan Solar offer document (DRHP/RHP).
Industry & Market
Industry figures as stated in Himalayan Solar's offer document.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Ganesh Green Bharat Limited | 7.11 | 30.31 | 26.82 | 113.02 |
| Solarium Green Energy Limited | 14.99 | 9.81 | 12.58 | 77.93 |
| Australian Premium Solar (India) Limited | 8.34 | 28.7 | 35.24 | 81.44 |
| Himalayan Solar Limited | — | 12.74 | 44.04 | 28.93 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Criminal | Company | 1 | — |
| Civil | Company | 1 | 3.8 |
| Tax | Company | 1 | 21.301 |
| Tax | Promoters | 1 | 0.633 |
Criminal proceedings by company against Advance Age Electricals and Mohit Singhal for cheque dishonor under Section 138 NI Act Consumer dispute regarding non-installation of 10 HP solar pump with claims for compensation and interest GST assessment order for utilizing ITC on fake invoices involving Integrated Tax amount Income tax demand against Anita Kumari for assessment year 2023-2024 under Section 143(1)(a)
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Maashitla Securities Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Himalayan Solar IPO opening?
The Himalayan Solar IPO opens on 25 Sep 2026 and closes on 29 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Himalayan Solar IPO?
The price band for the Himalayan Solar IPO is ₹98 to ₹103. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Himalayan Solar IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,23,600. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Himalayan Solar IPO today?
The latest Grey Market Premium for Himalayan Solar is ₹0 (+0.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Himalayan Solar IPO list on NSE and BSE?
The Himalayan Solar IPO is expected to list on 05 Oct 2026 on NSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Himalayan Solar IPO allotment status?
The registrar for this IPO is Maashitla Securities Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Himalayan Solar IPO a mainboard or SME issue?
Himalayan Solar is a SME IPO that will list on the NSE Emerge or BSE SME platform. SME IPOs require a minimum application value of one lakh rupees.
How do I apply for the Himalayan Solar IPO?
You can apply for the Himalayan Solar IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Himalayan Solar IPO?
The GMP-implied price (unofficial, not a forecast) is ₹103: the upper price band of ₹103 plus the latest grey market premium of ₹0, as of 05 Oct 2026, 11:32 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
What is the allotment ratio for Himalayan Solar IPO?
Based on the retail subscription of 1.26x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 79.4% chance of allotment). This is an estimate and actual allotment may vary.
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