Infrax Renewable IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| NII | 1.39x |
| Retail (RII) | 1.9x |
| Total | 2.05x |
Bidding day 3 · final figures at close of bidding: 17 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 9 Sept 2026
- Close Date
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
- Face Value
- ₹10
- Fresh Issue
- ₹31.74 Cr
- OFS
- ₹7.08 Cr
- Listing On
- BSE
- Registrar
- Bigshare Services
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,49,600 |
| HNI (Min) | 3 | 3,600 | ₹3,74,400 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| NII | 18,50,400 | 49.58% |
| Retail | 18,81,600 | 50.42% |
| Total | 37,32,000 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 9.66 | 0.96 | 1.76 | 1.4 | 4.4 | — | — |
| FY 2025 | 30.48 | 2.85 | 4.5 | 1.89 | 8.24 | 3.02 | — |
| FY 2026 | 93.33 | 10.2 | 14.56 | 15.77 | 31.53 | 6.99 | 9.29 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.19x
- P/E (post-issue)
- 14.5x
- RoNW
- 64.68%
- RoE
- 115.54%
- RoCE
- 63.89%
- Debt / Equity
- 0.44
- EPS (pre-issue)
- ₹9.29
- EPS (post-issue)
- ₹7.17
- EBITDA Margin
- 15.62%
- PAT Margin
- 10.94%
- P/BV
- 6.59x
- NAV / share
- ₹15.77
- Market Cap
- ₹148.05 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility | ₹12.29 Cr |
| Funding working capital requirements of the Company | ₹17 Cr |
| General corporate purposes | ₹2.03 Cr |
| Issue Expenses | ₹3 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Lead Manager fees including underwriting commission | ₹2.55 Cr |
| Brokerage, selling, commission and upload fees | ₹0.01 Cr |
| Registrar to the Offer | ₹0.02 Cr |
| Legal Advisors | ₹0.04 Cr |
| Advertising expenses | ₹0.06 Cr |
| Regulators including stock exchanges | ₹0.07 Cr |
| Printing and distribution of offer stationery | ₹0.01 Cr |
| Market making fees | ₹0.15 Cr |
| Depositories fees | ₹0.03 Cr |
| Secretarial fees | ₹0.01 Cr |
| Peer review fees | ₹0.04 Cr |
| UPI Bids | ₹0.01 Cr |
| PAN Validation and NSM Comission | ₹0.01 Cr |
Promoters & Shareholding
Promoters: <p>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>
- Holding (pre-issue)
- 70.64%
- Holding (post-issue)
- 49.73%
- Dilution
- 20.91%
Documents
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Infrax Renewable | 10.86 | 15.77 | 9.58x | 64.68% | 6.93x | Restated |
| Acme Solar Holdings Ltd | 8.24 | 83.63 | 49.25x | 9.84% | 4.83x | — |
| Alpex Solar Limited | 80.52 | 219.94 | 10.9x | 35.87% | 4x | — |
| Solarium Green Energy Ltd | 9.81 | 77.93 | 15.78x | 12.58% | 2x | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Infrax Renewable IPO
The Infrax Renewable SME IPO opens for subscription on 9 Sept 2026 and closes on 11 Sept 2026, offered at an issue price of ₹104 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹40.88 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,49,600.
Issue structure
The offer combines a fresh issue of ₹31.74 crore with an offer for sale (OFS) of ₹7.08 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements of the company (₹17 crore), alongside funding of capital expenditure of the company towards purchase of machineries and equipments for proposed manufacturing facility (₹12.29 crore). In all, 4 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Infrax Renewable reported revenue of ₹93.33 crore and a net profit of ₹10.2 crore. Revenue grew from ₹9.66 crore in FY2024 to ₹93.33 crore in FY2026 (+866.0%). Net worth stood at ₹15.77 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 14.5× post-issue earnings and 6.59× book value, against a return on net worth of 64.68% and a debt-to-equity ratio of 0.44. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Acme Solar Holdings Ltd and Alpex Solar Limited, with a median peer P/E of about 15.8×. The issue's own post-issue P/E works out to 14.5×.
Promoters
The promoters of the company are <p>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>. Promoter holding stands at 70.64% before the issue and comes down to 49.73% after listing.
Grey market premium (GMP)
In the unofficial grey market, Infrax Renewable shares are quoted at a premium of ₹0 implying an expected listing around ₹104, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Infrax Renewable IPO was subscribed 2.05 times overall. The strongest demand came from retail investors at 1.9 times, with non-institutional investors (NII) at 1.39×.
Listing performance
Infrax Renewable listed on 17 Sept 2026 at ₹104, a premium of +0.0% over the issue price of ₹104.
What to weigh
When evaluating the Infrax Renewable IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Infrax Renewable
INFRAX RENEWABLE LIMITED , incorporated on April 27, 2019, operates in the renewable energy sector, providing solar Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar projects. The company also supplies and distributes Solar PV modules, Solar PV inverters, and related solar products . The company is also engaged in Independent Power Producer (IPP) activities through Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL) . A solar power plant has been established at Bhadla (Jasdan), Gujarat , for the generation and sale of electricity to PGVCL. Raw materials and components are procured from domestic suppliers across Gujarat, Madhya Pradesh, Rajasthan, Telangana, Maharashtra, and Uttar Pradesh , based on project specifications, technical requirements, and commercial considerations.
Infrax Renewable — Contact Details
- Registered office
- 402-403, R K Prime 2, Mahapuja Dham Chok, 150 Feet Road, Malviyanagar, Rajkot, Gujarat, 360004
- Phone
- +91 7874074000
- Website
- infraxrenewable.com/
- Registrar (IPO queries)
- ipo@bigshareonline.com
Frequently asked questions
- What is the Infrax Renewable IPO price band?
- The Infrax Renewable IPO price band is ₹104 per share, with a lot size of 1200 shares.
- What was the Infrax Renewable IPO GMP before listing?
- The final grey market premium recorded before the Infrax Renewable IPO listed was ₹0. The IPO listed on 17 Sept 2026 at ₹104, +0.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Infrax Renewable IPO open and close?
- The Infrax Renewable IPO opens on 9 Sept 2026 and closes on 11 Sept 2026.
- When is the Infrax Renewable IPO allotment and listing date?
- Allotment is expected on 15 Sept 2026. The shares are scheduled to list on 17 Sept 2026 on BSE.
- How many times was the Infrax Renewable IPO subscribed?
- The Infrax Renewable IPO was subscribed 2.05 times in total across all investor categories.
- What is the reservation split in the Infrax Renewable IPO?
- Of the total shares offered, retail investors get 50.42%, non-institutional investors 49.58%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Infrax Renewable and what is their holding?
- The promoters are <p>Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani</p>. Promoter holding is 70.64% before the issue and 49.73% after listing.
- What is the P/E ratio of the Infrax Renewable IPO?
- At the upper price band, the Infrax Renewable IPO is valued at 11.19× pre-issue earnings and 14.5× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Infrax Renewable IPO?
- The net proceeds go primarily toward funding working capital requirements of the company, among 4 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Infrax Renewable IPO?
- The book-running lead manager is Smart Horizon Capital Advisors Pvt.Ltd.. Bigshare Services is the registrar to the issue.
- Is Infrax Renewable a Mainboard or SME IPO?
- Infrax Renewable is an SME IPO, listing on BSE (SME platform).