The initial public offering (IPO) of Oriana Power received robust response from market participants. The SME public offer, which opened for subscription on August 1, got oversubscribed by 176.65 times on the last day of the offer till 5 pm (IST). The company had fixed a price band of Rs 115 to Rs 118 per equity share. The tentative date for share allotment is August 9 and the listing date is August 11.
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As per the RHP, the company will deploy the IPO proceeds towards meeting its working capital requirements (Rs 23 crore), investment in subsidiary companies (Rs 20 crore), capital expenditure for expansion purposes (Rs 2 crore) and general corporate purposes. Shares of the company will list on NSE Emerge, a platform for small and medium enterprises.
Shares of the company traded at a premium of Rs 103, or 87.29 per cent, in the grey market in the evening trade at around 5.30 pm, according to 5paisa.com.
Earlier, the company’s anchor portion comprising 1.4 million shares was fully subscribed at the higher price band of Rs 118 per equity share. The total amount raised from the anchor investor portion stood at over Rs 16.99 crore.
Corporate CapitalVentures is the lead manager for the issue, while Skyline Financial Service Private Ltd is the registrar to the issue. 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.
Oriana Power, which commenced operations in 2017, is a solar energy solution provider that develops, constructs and operates solar projects for their industrial and commercial customers. The company was co-founded by first-generation entrepreneurs Anirudh Saraswat, Rupal Gupta and Parveen Kumar.
