Solar energy solutions provider Oriana Power files DRHP for its public issue with NSE Emerge – EQ Mag
The IPO comprises the issue of 50,55,600 equity shares through book building route
New Delhi : Oriana Power, among India’s fastest-growing solar energy solution providers, has today announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO comprises the issue of 50.55 lakh Equity Shares (Face Value Rs 10/-) through the book-building route.
The company has appointed Corporate Capital Ventures Private Ltd as Lead Manager for the issue, while Skyline Financial Service Private Ltd. will be the Registrar to the issue.
As per the DRHP, the company will utilise issue proceeds from the IPO towards meeting its working capital requirements (Rs. 23 core), investment in subsidiary companies (Rs. 20 crore), capital expenditure for expansion purposes (Rs. 2 crore) and general corporate expenses.
Co-founded by first-generation entrepreneurs Rupal Gupta, Parveen Jangra and Anirudh Saraswat, Oriana commenced operations in 2017. For the year ended March 31, 2023, the company’s revenue stood at Rs. 134 crore compared to revenue of Rs. 101 crore in the same period of 2022. However, the company’s profit after tax almost doubled to Rs 12.69 crore during the year ending March 31, 2023, from Rs 6.96 crore registered in the previous fiscal year, as per the DRHP.
Oriana Power is a company that specialises in providing solar energy solutions to industrial and commercial customers. We offer low-carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems and off-site solar farms, i.e., Open access. Our business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). The company caters to marquee clients comprising eminent corporates, including Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement Limited, Tata Memorial Hospital, Hindustan Copper, National High Speed Rail Corporation, Modern Delhi Public School, Faridabad, Sarvodya Kanya Vidyalaya, Umang Dairies, among others.
In May 2023, the company successfully commissioned a 2.7 MWp single rooftop solar power plant at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana, for Indian Synthetic Rubber Private Limited (ISRPL). During April 2023, the company also successfully commissioned a novel 800kW AC/1MWp DC floating solar power plant at Dabok Mines of Udaipur, Rajasthan, for Udaipur Cement Works Limited (UCWL).
About Oriana Power
Oriana Power is one of India’s leading solar energy solution providers that finances, constructs and operates solar projects for their industrial and commercial customers. Co-founded by first-generation entrepreneurs Rupal Gupta, Parveen Jangra and Anirudh Saraswat, Oriana commenced operations in 2017. The company provides low-carbon energy solutions to its clients by installing on-site solar projects (rooftop and ground-mounted) and off-site solar farms. Presently, Oriana possesses and manages a portfolio of more than 100 MWp capacity projects which are operational and under construction across India with a global presence in countries such as Kenya and South Africa. Through their continuous efforts towards development, Oriana had diversified in new avenues such as BESS and Hydrogen Electrolyzer to make this eternal energy source affordable for the masses with minimum carbon emission.
