The initial public offering (IPO) of Noida-based start-up, Oriana Power — a solar energy solutions provider that develops, constructs and operates projects for industrial and commercial customers — is set to open for public subscription on Tuesday, August 1. The issue will conclude on August 3.

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Ahead of subscription opening, the company's shares are commanding a premium of Rs 103 in the unlisted market, according to market sources.

Oriana Power has already generated buzz in the market after it attracted investments from well-known investors ahead of its IPO. The firm will be offering its shares at a price band of Rs 115-118 apiece, and investors can bid for 1,200 shares in one lot.

The IPO comprises entirely a fresh equity issue of up to 50.5 lakh equity shares aggregating up to Rs 59.6 crore.

The proceeds from the issue will be used for working capital requirements, investments in subsidiaries, capex on infra, and other general corporate purposes.

At present, the promoters’ shareholding stands at 83.40 percent. After the IPO, their stake in the company will be reduced to 61.40 percent, as per the Draft Red Herring Prospectus (DRHP).

As much as 50 percent of the public offer has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 35 percent for retail investors.

The final allotment of shares is expected to be made on August 8. The company's shares will likely get listed on August 11 on the NSE Emerge platform.

Corporate Capital Ventures is acting as the lead manager, while Skyline Financial Services is the registrar to the issue.

The company posted a consolidated revenue of Rs 137.31 crore for the year ended March 2023, a growth of 9.87 percent, compared to Rs 124.97 crore in the year-ago period. The consolidated profit after tax soared to Rs 10.93 crore as against Rs 6.94 crore, rising 57.49 percent on-year.

Oriana Power provides solar energy solutions and offer their services to industrial and commercial customers. The firm works on low-carbon energy solutions, which involve on-site solar project installations i.e., rooftop and ground-mounted systems and off-site solar farms i.e. open access.

The company recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify to other sources of renewable energy, beyond solar.