Oriana Power issue to open on August 1. 10 things to know about the offer

The initial public offering (IPO) of Oriana Power will open for public subscription on August 1. The issue closes on August 3. Here are 10 things to know about the offer.

1) Company Overview
Oriana Power specializes in providing solar energy solutions to industrial and commercial customers. It offers low-carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as off-site solar farms i.e. Open access.

2) Industry Overview

India stands fourth in solar PV deployment across the globe as of the end of 2021. Solar power installed capacity has reached around 61.97 GW as of November 30, 2022. Presently, solar tariff in India is very competitive and has achieved grid parity. Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 15.92% between FY16-22. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double.

3) Issue Size
The IPO is entirely a fresh equity issue of up to 50.5 lakh equity shares aggregating up to Rs 59.6 crore.

4) Price band
The company will offer its shares at a price band of Rs 115-118 apiece, and investors can bid for 1,200 shares in 1 lot.

5) Financial performance
For the year ending March 2023, the company has recorded revenues of Rs 133.9 crore and a net profit of Rs 12.6 crore.

6) Objects of the offer
The net proceeds from the public offer will be used for working capital requirements, investments in subsidiaries, capex on infra, and other general corporate purposes.

7) Booking running lead managers
Corporate Capital Ventures is acting as the lead manager to the issue, while Skyline Financial Services is the registrar.

8) Issue structure
About 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors.

9) Important dates
The IPO opens on August 1 and closes on August 3. The final allotment will likely be made on August 8. The company's shares will likely get listed on August 11.

10) Listing of shares
The company's shares will get listed on the NSE Emerge platform.