The IPO will involve the issuance of 50.55 lakh equity shares at a face value of Rs 10 each through the book-building route.
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The Noida-based solar energy solutions provider Oriana Power has closed its pre-IPO funding round for a minority stake of 10 to 11 per cent of the total Initial Public Offering (IPO). Several investors, including Prashant Jain of JSW Energy (Jindal Group), Meru’s founder Neeraj Gupta, and MSMEx’s founder Amit Kumar participated in the funding round, with Anil Kumar Goel leading the investors.
Oriana Power has already filed its Draft Red Herring Prospectus (DRHP) with the National Stock Exchange Emerge (NSE Emerge), the SME-dedicated stock exchange, for its proposed IPO. The IPO will involve the issuance of 50.55 lakh equity shares at a face value of Rs 10 each through the book-building route.
Corporate Capital Ventures has been appointed as the Lead Manager for the issue, while Skyline Financial Services Private will serve as the Registrar to the issue.
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According to the DRHP, the company will utilise the proceeds from the IPO as follows: Rs 23 crore to meet its working capital requirement, Rs 20 crore for investments in its subsidiaries and Rs 2 crore for capital expenditure investments.
Founded in 2017, Oriana Power cofounders Anirudh Saraswat, Rupal Gupta, and Praveen Kumar Jangra collectively hold an 83.4 per cent stake in the company. Following the public listing, their equity will be reduced to 61.41 per cent.
According to the information shared in the DRHP, the company’s revenue grew from Rs 101 crore in FY22 to Rs 134 crore in FY23. Additionally, tax fillings doubled from Rs 6.96 crore for FY22 to Rs 12.69 crore in FY23.
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Oriana Power provides solar energy solutions to industrial and commercial customers. It also offers low-carbon solutions such as rooftop, ground-mounted, and off-site solar farms. Currently, Oriana has operationalised and under-construction solar power projects worth 100 MWp across India, serving key clients such as Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement Limited, and Tata Memorial Hospital, among others.
