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Marquee investors on-boarded, including Morgan Stanley Asia (Singapore), Abbakus, Aryabhata India, Rajasthan Global, Meru Investments and LRSD Securities
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Raises over Rs 16.99 crore with the sale of 14.40 lac equity shares (FV Rs. 10) @ Rs. 118 per share
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IPO proceeds to be used towards meeting working capital requirements, investment in subsidiary companies, Capital expenditure on infrastructure & technology for expansion and other General corporate purposes
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Several credible 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, onboarded the company at the Pre-IPO stage
Mumbai : The IPO of Solar EPC & RESCO player, Oriana Power Ltd opens today and will close on 3rd August 2023. The company’s Anchor portion comprising 14,40,000 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 crores.
Morgan Stanley Asia (Singapore) was allocated 2,12,400 shares, followed by India Ahead Venture Fund – Abakkus Investment Manager (2,08,800 shares), Aryabhata Global Assets Funds ICAV-Aryabhata India (85,200 shares), Rajasthan Global Securities Pvt Ltd (3,44,400 shares), Meru Investments Fund PCC Cell-1 (1,70,400 shares) and LRSD Securities Pvt Ltd (418,800 shares) of the Anchor portion.
The public issue of the Noida-headquartered company opened for subscription today, on 1st August 2023 and will close on 3rd August 2023. The price band has been fixed in the range of Rs.115 to Rs. 118 per equity share. The IPO comprises of 50.55 lakh equity shares (F.V. Rs. 10 each) through the book-building route and will be listed on NSE Emerge.
Of the total issue size of 50.55 lakh shares, the company has allocated 24.00 lakh shares for Qualified Institutional Buyers (including Rs. 14.40 lakh for Anchor Investors), and 7.20 lakh shares for Non-Institutional Investors. For Retail Investors, the company has set aside 16.80 lakh shares for allocation.
Corporate CapitalVentures Private Ltd is the Lead Manager for the issue, while Skyline Financial Service Private Ltd. is the Registrar to the issue.
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.
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, participating in the offering.
About Oriana Power
Oriana Power is a solar energy solution provider that develops, constructs and operates solar projects for their industrial and commercial customers. Co-founded by first-generation entrepreneurs Mr. Anirudh Saraswat, Mr. Rupal Gupta and Mr. Parveen Kumar, 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. Its 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, Hero Cycle, Maral Overseas (Bhilwara group), Mrs Bector (Cremica), Mahindra CIE, Sona BLW, RACL Geartech, among others. Through their continuous efforts towards development.
