Infrax Renewable IPO
LISTEDSMEListing Performance
▲ 0.00%
Issue Price
₹104
Listing Price
₹104
Listed On
17 Sep 2026
- Price Band
- ₹104 – ₹104
- Lot Size
- 1,200
- Lot Value
- ₹1,24,800
- Open Date
- 09 Sep09 Sep 2026
- Close Date
- 11 Sep11 Sep 2026
- Min Investment
- ₹1,24,800
About Infrax Renewable
The company manufactures and supplies solar products, provides rooftop and ground-mounted solar project services, and EPC solutions to customers across India through a dealership network.
Use of IPO Proceeds
Total allocation: ₹31.32 Cr (excludes issue expenses)
Promoters
Mr. Bhargv Ashvinbhai Vachhani
Promoter, Chairman cum Managing Director · age 31
Pre-issue: 43.33% · Post-issue: 29.85%
Mr. Gandhi Bhavik Tarunkumar
Promoter and Whole Time Director · age 30
Pre-issue: 17.48% · Post-issue: 12.29%
Ms. Khushboo Bhargav Vachhani
Promoter and Non-Executive Director · age 30
Pre-issue: 6.92% · Post-issue: 5.34%
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE SME
Strengths (6)
- •Established track record executing solar EPC solutions across diverse segments
- •Strong customer relationships with repeat business and referrals
- •Wide range of products and comprehensive turnkey solar solutions
- •Financial stability through PPA model for long-term revenue
- •Established supplier relationships and dealership network across states
- •Strategic warehouse and branch office locations for operational efficiency
Risk Factors (6)
- •First public offer with no formal market history; offer price 10.4x face value may not reflect post-listing market price
- •Equity investments involve risk of loss; no SEBI approval or guarantee of prospectus accuracy or adequacy
- •No assurance of active or sustained trading in equity shares post-listing or price at which shares will trade
- •Significant differences between Indian GAAP, IFRS, and US GAAP may impact financial data interpretation
- •Company incorporated recently as public limited company in September 2024; limited operating history
- •BSE SME platform listing involves risks specific to SME segment versus main board exchanges
Demand snapshot
Subscription and grey market data as reported. Not a recommendation.
- Subscribed 1.96x (NII 1.29x, Retail 1.91x) at close
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 | ₹1,24,800 |
| Retail (max) | 1 | 1,200 | ₹1,24,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,49,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,98,400 |
| B-HNI (min) | 9 | 10,800 | ₹11,23,200 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | — | — | — |
| sNII (S-HNI) | — | — | — |
| bNII (B-HNI) | — | — | — |
| Retail | 0.16x | 0.40x | 1.91x |
| Total | 0.08x | 0.25x | 1.96x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
1.91x
Allotment Ratio
1 lot per 2 applicants
Allotment Probability
~52.4%
Non-Institutional Investors (NII / HNI)
Subscription
1.29x
Allotment Type
Proportionate allotment
Total Subscription
1.96x
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
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
Issue Opens
09 Sep 2026 · Wed
Issue Closes
11 Sep 2026 · Fri
Bidding Cut-off (UPI Mandate)
11 Sep 2026 · 5:00 PM IST
Allotment
15 Sep 2026 · Tue
Listing
17 Sep 2026 · Thu
IPO Details
| Registrar | Bigshare Services Private Limited |
| Exchange | BSE SME |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹40.88 Cr |
| Fresh Issue | ₹33.81 Cr |
| OFS Size | ₹7.08 Cr |
| Lead Managers | Smart Horizon Capital Advisors Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 93.21 | 10.2 | 10.86 | — | 64.68% |
| FY24 | 30.47 | 2.85 | — | — | — |
| FY23 | 9.65 | 0.96 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 1.76 | 4.5 | 14.56 |
| Net Worth | 1.4 | 1.89 | 15.77 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
9.6x
Price ÷ EPS
EPS (FY25)
₹11
Earnings per share
RoNW
64.68%
Return on net worth
ROCE
63.89%
as reported in filing
EBITDA margin
15.6%
EBITDA ÷ revenue
Price/NAV
6.59x
Price ÷ NAV (as reported)
Check the valuation yourself
Company Fundamentals
8 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹10.98 Cr |
| Equity Shares (Pre-Issue) | 1,09,85,111 |
| Equity Shares (Post-Issue) | — |
Source: Infrax Renewable offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Infrax Renewable's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Infrax Renewable's filing.
Source: Infrax Renewable offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
Reservation split not disclosed in this filing.Not disclosed in Infrax Renewable's filing.
OFS Selling Shareholders
- Mr. Bhargv Ashvinbhai Vachhani₹5.31 Cr
- Mr. Gandhi Bhavik Tarunkumar₹1.77 Cr
Source: Infrax Renewable offer document (DRHP/RHP).
Board & Management
Board of Directors (5)
- Mr. Bhargv Ashvinbhai Vachhani₹0.60 Cr p.a.
Chairman cum Managing Director
Over 30 years of working experience in the field of Mechanical Engineering
- Mr. Gandhi Bhavik Tarunkumar₹0.60 Cr p.a.
Whole Time Director
- Mr. Ankitkumar Nathabhai Chotaliya
Non-Executive Independent Director
- Mr. Chetan Chandrakant Shah
Non-Executive Independent Director
- Ms. Khushboo Bhargav Vachhani
Non-Executive Director
Key Managerial Personnel (4)
- Mr. Bhargv Ashvinbhai Vachhani₹0.60 Cr p.a.
Chairman cum Managing Director
Over 30 years of working experience in the field of Mechanical Engineering
- Mr. Gandhi Bhavik Tarunkumar₹0.60 Cr p.a.
Whole Time Director
- Ms. Shreya Siddhartha Mehta
Company Secretary and Compliance Officer
Bachelor of Commerce from University of Pune (April 2014); Associate member of the Institute of Company Secretaries of India (August 2023)
More than 2 years and 5 months in the field of secretarial and statutory compliances
- Mr. Davadra Hardik Nileshbhai
Chief Financial Officer
Bachelor of Commerce from Saurashtra University (December 2019); Master of Business Administration in Finance from Gujarat Technological University (January 2022)
More than 4 years in the field of finance and accountancy
Source: Infrax Renewable offer document (DRHP/RHP).
Industry & Market
Industry & market data not disclosed in this filing.Market-size/industry detail was not extracted from Infrax Renewable's filing.
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Infrax Renewable Limited | 9.58 | 10.86 | 64.68 | 15.77 |
| Acme Solar Holdings Limited | 49.25 | 8.24 | 9.84 | 83.63 |
| Alpex Solar Limited | 10.9 | 80.52 | 35.87 | 219.94 |
| Solarium Green Energy Limited | 15.78 | 9.81 | 12.58 | 77.93 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Directors | 2 | 0.156 |
Directors (excluding promoters) face 2 tax proceedings with aggregate liability of ₹15.58 lakhs. The Company has no material civil litigations, no criminal proceedings, and no statutory/regulatory proceedings against it.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:Bigshare Services 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 Infrax Renewable IPO opening?
The Infrax Renewable IPO opens on 09 Sep 2026 and closes on 11 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Infrax Renewable IPO?
The price band for the Infrax Renewable IPO is ₹104 to ₹104. 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 Infrax Renewable IPO?
The minimum lot size is 1200 shares with a minimum investment of ₹1,24,800. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Infrax Renewable IPO today?
Grey Market Premium data for Infrax Renewable is not available yet. It typically starts appearing a few days before the IPO opens.
When will the Infrax Renewable IPO list on NSE and BSE?
The Infrax Renewable IPO is expected to list on 17 Sep 2026 on BSE SME. Actual listing day trading begins at the start of the normal market session.
How can I check the Infrax Renewable IPO allotment status?
The registrar for this IPO is Bigshare Services 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 Infrax Renewable IPO a mainboard or SME issue?
Infrax Renewable 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 Infrax Renewable IPO?
You can apply for the Infrax Renewable 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 allotment ratio for Infrax Renewable IPO?
Based on the retail subscription of 1.91x, the estimated allotment ratio is 1 lot per 2 applicants (approximately 52.4% chance of allotment). This is an estimate and actual allotment may vary.
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