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Home/IPO/Infrax Renewable IPO
Updated: 17-Sep 9:31
Infrax Renewable

Infrax Renewable IPO

ListedBSE SME

Listing at: BSE SME • 402-403, R K Prime 2Mahapuja Dham Chok, 150 Feet RoadMalviyanagarRajkot, Gujarat, 360004

Allotment status Not declared yet

Disclaimer: GMP values change dynamically. This data is strictly for educational purposes only and not an investment advice.

Live GMP Today
₹0 (0%)
Rating:1/5
Est. Listing Price
₹104
Est. Gain: –
Est. Profit / Lot
₹0
Per Retail Application
Price Band
₹104
Face Value: ₹10
Min. Retail Inv.
₹1,24,800
Lot: 1200 Shares
Total Subscription
2.05x
Anchor: No

Infrax Renewable IPO GMP History

Genuine daily snapshots retained by the WeeStox backend

Disclaimer: GMP values change dynamically. This data is strictly for educational purposes only and not an investment advice.

GMP dateIPO priceGMPPremiumEst. profit / lotSubscriptionMovement
20 Sept 2026₹104₹00.00%+₹02.05xFlat
14 Sept 2026₹104₹00.00%+₹02.05xFlat
10 Sept 2026₹104₹00.00%+₹00.21xFlat
09 Sept 2026₹104₹00.00%+₹00.08xFlat
07 Sept 2026₹104₹00.00%+₹0-Flat
05 Sept 2026₹104₹00.00%+₹0-Flat

Explore the complete GMP movement

Open the chart and all available daily records.

Infrax Renewable IPO Details

IPO Date09 Sept 2026 to 11 Sept 2026
Listing AtBSE SME
Face Value₹10 per share
Price Band₹104
Lot Size1200 Shares
Total Issue Size₹40.88 Cr(₹1,255.57 Cr)
Fresh Issue32.51L shares (₹33.81 Cr)
Offer for Sale (OFS)₹7.08 Cr (approx 2.74 Cr shares)
Issue TypeSME Issue

Infrax Renewable IPO Timetable

IPO Open Date09 Sept 2026
IPO Close Date11 Sept 2026
Basis of Allotment15 Sept 2026
Initiation of Refunds15 Sept 2026
Credit of Shares to Demat15 Sept 2026
Listing Date17 Sept 2026
Cut-off time for UPI Mandate5 PM on 11 Sept 2026
Employee Discount₹20.00/share (Up to 52,083 shares)

Infrax Renewable IPO Reservation

CategoryReservationShares Offered
NII (HNI) Shares Offered49.58%18,50,400
Retail Shares Offered50.42%18,81,600
Market Maker Shares Offered–1,99,200

Infrax Renewable Anchor Details

Anchor investor bidding data has not been announced or is not applicable.

Infrax Renewable IPO Lot Size

ApplicationLotsSharesAmount (Cut-off)Reserved Applications
INDIVIDUAL2 Lots2400 Shares₹2,49,600784
HNI3 Lots3600 Shares₹3,74,400514

Infrax Renewable Promoter Holding

Pre-Issue HoldingDisclosed in RHP
Post-Issue HoldingTo be calculated

Infrax Renewable IPO Live Subscription Status

Bidding demand breakdown by shares, institutional demand in ₹ Cr, applications & HNI funding cost
Overall Demand:2.05x
04:28 pm
Investor CategoryShares OfferedShares BiddedSubscription Times
HNIs18,50,40040,66,8002.20x
Individual18,81,60035,66,4001.90x
Total37,32,00076,33,2002.05x

Infrax Renewable Limited Financial Information (Restated Consolidated in ₹ Crores)

Period EndedAssetsTotal IncomeProfit After TaxEBITDANet WorthTotal Borrowing
30 Mar 2026₹31.53 Cr₹93.33 Cr₹10.20 Cr₹14.56 Cr₹15.77 Cr₹6.99 Cr
30 Mar 2025₹8.24 Cr₹30.48 Cr₹2.85 Cr₹4.50 Cr₹1.89 Cr₹3.02 Cr
30 Mar 2024₹4.40 Cr₹9.66 Cr₹0.96 Cr₹1.76 Cr₹1.40 Cr–

Infrax Renewable Key Valuation & Financial KPIs

ROE115.54%
ROCE63.89%
Debt / Equity0.44x
P/E (Post IPO)14.50
EBITDA Margin15.62%
Market Cap₹148.1 Cr

Infrax Renewable IPO Analysis

Review the company's key advantages and material business risks.

10 Strengths

Strengths & Positives

Competitive advantages and operational merits

  • Infrax Renewable Limited was originally formed as a partnership firm under the name “Infrax International” pursuant to a partnership deed dated April 27, 2019, as amended from time to time. Subsequently, it was converted into a Public Limited Company named “Infrax Renewable Limited”, with a fresh Certificate of Incorporation issued on September 23, 2024 by the Registrar of Companies, Central Registration Centre.

  • Infrax Renewable Limited is a renewable energy EPC provider offering customized and high-performance solar solutions based on customers’ energy requirements. Supported by industry-certified engineers and manufacturing expertise, the Company uses quality products and cost-effective engineering to deliver efficient solar projects. It also provides warranties and customer support for its installations.

  • The Company provides expert solar EPC and installation services, with experienced and certified technicians ensuring safe, proper and optimized installation for efficient energy generation. It also offers 24/7 dedicated technical support for quick and reliable assistance.

  • The Company has developed dealer partnerships by offering competitive commission rates, supporting channel partners in achieving financial stability and scaling their operations. It also provides flexible financing options through leading national banks and NBFCs, including zero upfront costs, low-interest rates, rapid approvals and extended repayment terms.

  • stablished Solar EPC Track Record: Provides turnkey solar solutions covering design, engineering, procurement, construction, testing, commissioning and comprehensive O&M for rooftop residential and ground-mounted solar projects.

  • Strong Customer Relationships: A strong customer base supported by dealers and third-party partners generates recurring business. Timely delivery and quality have helped build strong relationships and repeat business despite no long-term supply agreements.

  • Financial Stability through IPP Model: The IPP model under a Power Purchase Agreement (PPA) provides a steady and reliable long-term revenue stream. Selling electricity directly to the government supports consistent cash flows and financial stability, enabling further growth and expansion.

  • Dependence on Government Policies & Subsidies: The Company depends on government policies, subsidies, incentives and regulatory support for solar adoption. Any withdrawal, reduction, delay or adverse change may reduce demand, profitability and adversely affect business, cash flows and financial condition.

  • Dependence on Dealers: A significant portion of revenue comes through dealers, who contribute to lead generation, customer acquisition and market opportunities. Any decline in sales or revenue from a dealer may adversely affect business and results of operations.

  • Dependence on Rented Premises: The Company does not own its registered office and warehouses. Non-renewal or termination of rent agreements or disputes over their use may require relocation, causing operational disruption and temporary impact on business activities.

About Infrax Renewable Limited

Infrax Renewable IPO is a fixed issue price of ₹40.88 crores. The issue is a combination of fresh issue of 32.51 lakh shares aggregating to ₹33.81 crores and offer for sale of 6.80 lakh shares aggregating to ₹7.08 crores.Infrax Renewable IPO bidding opened for subscription on Sep 9, 2026 and will close on Sep 11, 2026. The allotment for the Infrax Renewable IPO is expected to be finalized on Sep 15, 2026. Infrax Renewable IPO will list on the BSE SME with a tentative listing date fixed as Sep 17, 2026.Infrax Renewable IPO is set final issue price at ₹104 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,49,600 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,74,400.Smart Horizon Capital Advisors Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Shreni Shares Ltd.Refer to Infrax Renewable IPO DRHP for detailed Information.

Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL. The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states. As of March 31, 2026, the team comprised 52 permanent employees. • EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers. • Independent Power Producer (IPP) They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, we commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat. • Sale of Solar Products They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally. • Proven track record in executing solar EPC projects. • Diversified business model with EPC, solar product distribution, and IPP operations. • Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana. • Strong customer, supplier, and dealer network across multiple states. • Strategic warehouse and branch office presence supporting efficient project execution. • ISO 9001:2015 certified quality management system. • Plans for backward integration through in-house solar component manufacturing and recycling. • Experienced promoter team with over 17 years of industry experience.

Shariah Compliance Screening (AAOIFI Standard 21)

Business ActivityRequires ReviewImpermissible Revenue ≤ 5%
Debt-to-Assets Ratio22.17%Threshold ≤ 33% of Assets
Purification GuidanceStandard 0.5%Donate interest dividend fraction
Auditor Notes: Sector information not available — cannot screen business activity

Infrax Renewable IPO Documents & Reports

Official prospectus, reports and regulatory filings
Document TitleAuthority / HostStatusAction
Red Herring Prospectus (RHP)
Complete offer document filed with ROC & SEBI
SEBI / ROCAvailablePending
Draft Red Herring Prospectus (DRHP)
Initial regulatory draft submitted for public comments
SEBI FilingsFiled View DRHP
Anchor Investor Allocation Report
Allotment list to institutional bidders
BSE / NSE CircularN/ANot Applicable
IPO Allotment Status & Basis of Allotment
Registrar query portal via PAN / Application No.
Bigshare ServicesLive Portal Check Allotment
Corporate Website & Investor Relations
Official portal and financial reports
Issuer PortalActive Visit Portal

Infrax Renewable IPO Registrar & Lead Managers

Registrar of the Issue
Bigshare Services
8657578989/8069219065/8069219060
Book Running Lead Managers (BRLM)
  • Smart Horizon Capital Advisors Pvt.Ltd.
Registered Office

402-403, R K Prime 2Mahapuja Dham Chok, 150 Feet RoadMalviyanagarRajkot, Gujarat, 360004