Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | SME · Fixed Price |
| Face Value | ₹10 |
| Fresh Issue | ₹32 Cr |
| Offer for Sale | ₹7 Cr |
| Market Cap | ≈ ₹148.05 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | — |
| NII / HNI | 50.42% |
| Retail | 49.58% |
| Lead Managers | Smart Horizon Capital Advisors |
| Registrar | Bigshare Services |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 9.66 | 30.48 | 93.33 | +206% |
| EBITDA | 1.76 | 4.50 | 14.56 | +224% |
| PAT | 0.96 | 2.85 | 10.20 | +258% |
| PAT Margin | 9.9% | 9.4% | 10.9% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Infrax Renewable | 14.5x | 64.68% | 10.9% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Bhargv Ashvinbhai Vachhani, Bhavik Tarunkumar Gandhi, Khushboo Bhargav Vachhani |
| Pre-issue | 70.64% |
| Post-issue | 49.73% |
| Objects of Issue | |
|---|---|
| Working capital | ₹17.00 Cr |
| Capex — manufacturing facility | ₹12.29 Cr |
| General corporate purposes | ₹2.03 Cr |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Explosive growth — revenue ~10x in two years (₹9.66 → ₹93 Cr) and PAT ₹0.96 → ₹10.2 Cr.
- Hot sector — solar EPC and IPP with a rooftop + ground-mount mix and an own 1.2 MW plant on a 25-year PPA.
- Reasonable pricing — ~14.5x post-issue P/E for the growth on offer.
- Low debt (debt/equity ~0.44); the mostly-fresh issue funds capex and working capital.
- Decent margins for EPC — ~11% PAT margin in FY26.
- Very young, tiny base — revenue was just ₹9.66 Cr two years ago; the durability of the hyper-growth is unproven.
- Headline returns are a base effect — ~115% ROE / ~65% RoNW sit on a ₹1.9 Cr FY25 net worth, not a sustainable rate.
- Solar EPC is thin-margin, competitive and working-capital-heavy (₹17 Cr of the raise is working capital).
- Weak demand — only ~0.85x on the final day, not yet fully covered, and still no grey-market premium; a tiny SME with low liquidity and high volatility.
- High minimum ticket (~₹2.5 lakh); post-issue promoter holding under 50% (~49.7%).
Did the signal hold up? Updates after Sep 17
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Infrax Renewable IPO FAQs
Common questions about the Infrax Renewable IPO — GMP, price, dates, allotment and more.
What is Infrax Renewable IPO GMP today?
As of the latest update (Subscription: Sep 11, 5:54 PM IST (Final, IPOJI) · GMP: Sep 11 — no premium quoted (IPOJI none, InvestorGain ₹0)), the grey market premium (GMP) for Infrax Renewable IPO is around Nil, implying an estimated listing price of about ≈ ₹104. GMP is unofficial & indicative
What is Infrax Renewable IPO price band?
The price band is ₹104 (fixed) per share (face value ₹10).
What is Infrax Renewable IPO lot size?
The lot size is 1,200 · min ₹2,49,600 per application.
When is Infrax Renewable IPO allotment?
The tentative basis-of-allotment date is Sep 15.
When will Infrax Renewable IPO be listed?
The tentative listing date is Sep 17, 2026 on BSE SME.
What is the expected listing price of Infrax Renewable IPO?
Based on the current grey market premium of Nil, the estimated listing price is around ≈ ₹104 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Infrax Renewable IPO?
Our view: Neutral · May Apply
In simple terms, Infrax Renewable installs solar power systems (rooftop and ground-mounted) and sells solar panels and inverters, and it has grown explosively — revenue jumped from about ₹10 crore to ₹93 crore in just two years. But that growth is off a tiny base (the company was very small until recently), so it is hard to know how much will stick; solar installation is a thin-margin, competitive, cash-hungry business; the grey market quoted no premium; demand firmed by the close to about 2.10 times (individuals ~1.9 times, NII ~1.5 times); and the smallest application is large (about ₹2.5 lakh). The pricing is reasonable (~14.5 times earnings), but the very young, small profile keeps this a higher-risk bet even though the final book cleared full. This is IPOSignal's research view, not investment advice.
What is Infrax Renewable IPO subscription status?
As of Final · Sep 11, 5:54 PM IST (IPOJI), the issue was subscribed 2.1× overall — Retail 1.9×, NII / HNI 1.5×.
Who is the registrar of Infrax Renewable IPO?
The registrar is Bigshare Services; the lead manager(s): Smart Horizon Capital Advisors.