Infrax Renewable
Price band ₹104 · Issue ₹40.88 Cr
Market attention score 30 (how ranked)
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Capital required
Approximate retail outlay for Infrax Renewable at the issue price band (lot × lots).
Est. capital
₹1,24,800
Lot size 1,200 · up to ₹104/share
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Opens
9 Sept 2026
Closes
11 Sept 2026
Allotment
15 Sept 2026
Listing
17 Sept 2026
Lot size
1,200
At a glance
IPO Open Wed, Sep 9, 2026 IPO Close Fri, Sep 11, 2026 Issue Price ₹104 per share Market Cap * ₹148.05 Cr * on Offer Price IPO Details IPO Date 9 to 11 Sep, 2026 Listing Date Thu, Sep 17, 2026 T Face Value ₹ 10 per share Issue Price ₹104 per share Lot Size 1,200 Shares Sale Type Fresh capital cum OFS Issue Type Fixed Price IPO Listing At BSE SME Total Issue Size 39,31,200 shares (agg. up to ₹ 41 Cr) Reserved for Market Maker 1,99,200 shares (agg. up to ₹ 2 Cr) Shreni Shares Ltd. Fresh Issue (Ex Market Maker) 30,51,600 shares (agg. up to ₹ 32 Cr) Offer for Sale 6,80,400 shares of ₹ 10 (agg. up to ₹ 7 Cr) Net Offered to Public 37,32,000 shares (agg. up to ₹ 39 Cr) Share Holding Pre Issue 1,09,85,111 shares Share Holding Post Issue 1,42,35,911 shares IPO Timetable (Tentative) IPO Open Wed, Sep 9, 2026 IPO Close Fri, Sep 11, 2026 Allotment Tue, Sep 15, 2026 Refund Wed, Sep 16, 2026 Credit of Shares Wed, Sep 16, 2026 Listing Thu, Sep 17, 2026 IPOs Timetable Issue Reservation Infrax Renewable IPO comprises a total issue size of 39,31,200 shares. The net offer to the public is 37,32,000 shares, after excluding 1,99,200 shares allotted on a firm basis. Of the Net offer 18,81,600 (50.42%) allocated to NII 18,50,400 (49.58%) allocated to RII . Investor Category Shares % of Net Issue % of Total Issue NII (HNI) 18,81,600 50.42% 47.86% Retail 18,50,400 49.58% 47.07% Firm Reservations Market Maker 1,99,200 5.07% Total 39,31,200 100.00% 100.00% IPO Lot Size Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof. Application Lots Shares Amount Individual investors (IND) (Min) 2 2,400 ₹2,49,600 Individual investors (IND) (Max) 2 2,400 ₹2,49,600 HNI (Min) 3 3,600 ₹3,74,400 IPO Subscription Details About Infrax Renewable Ltd. Updated on Sep 4, 2026 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.
Business Operations :
Overview
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 opens for subscription on Sep 9, 2026 and closes 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.
Issue details
IPO Date
9 to 11 Sep, 2026
Listing Date
Thu, Sep 17, 2026T
Face Value
₹10 per share
Issue Price
₹104 per share
Lot Size
1,200 Shares
Sale Type
Fresh capital cum OFS
Issue Type
Fixed Price IPO
Listing At
BSE SME
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 2,400 | ₹2,49,600 |
| Individual investors (IND) (Max) | 2 | 2,400 | ₹2,49,600 |
| HNI (Min) | 3 | 3,600 | ₹3,74,400 |
Issue reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| NII (HNI) | 18,81,600 | 50.42% | 47.86% |
| Retail | 18,50,400 | 49.58% | 47.07% |
| Firm Reservations | |||
| Market Maker | 1,99,200 | 5.07% | |
| Total | 39,31,200 | 100.00% | 100.00% |
About the company
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.
- 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.
Financials
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.40 |
| Total Income | 93.33 | 30.48 | 9.66 |
| Profit After Tax | 10.20 | 2.85 | 0.96 |
| EBITDA | 14.56 | 4.50 | 1.76 |
| NET Worth | 15.77 | 1.89 | 1.40 |
| Reserves and Surplus | 14.52 | 0.89 | |
| Total Borrowing | 6.99 | 3.02 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| Debt/Equity | 0.44 |
| RoNW | 64.68% |
| PAT Margin | 10.94% |
| EBITDA Margin | 15.62% |
| NAV | 15.77 |
| Price to Book Value | 6.59 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
9.29
P/E (x)
11.19
Market Cap at Offer Price
₹114Cr.
Shareholding
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 70.64% | 49.73% |
| Public | 29.36% | 50.27% |
| Total | 100% | 100% |
Objects of the issue
- — Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility
- — Funding working capital requirements of the Company
- — General corporate purposes
- — Issue Expenses
Intermediaries
Registrar
Bigshare Services Pvt.Ltd.
Lead manager(s)
Smart Horizon Capital Advisors Pvt.Ltd.
FAQs
How to apply in Infrax Renewable IPO through Zerodha?+
Zerodha customers can apply online in Infrax Renewable IPO using UPI as a payment gateway. Zerodha customers can apply in Infrax Renewable IPO by login into Zerodha Console (back office) and submitting an IPO application form. Steps to apply in Infrax Renewable IPO through Zerodha Visit the Zerodha website and login to Console. Go to Portfolio and click the IPOs link. Go to the ' Infrax Renewable IPO ' row and click the 'Bid' button. Enter your UPI ID, Quantity, and Price. Submit IPO application form. Visit the UPI App (net banking or BHIM ) to approve the mandate. Visit Zerodha IPO Application Process Review for more detail.
When Infrax Renewable IPO will open?+
The Infrax Renewable IPO opens on Wed, Sep 9, 2026 and closes on Fri, Sep 11, 2026.
What is the lot size of Infrax Renewable IPO?+
Infrax Renewable IPO lot size is 1200 , and the minimum amount required for application is ₹2,49,600 , with 2 lots being the minimum application size .
How to apply for Infrax Renewable IPO?+
You can apply in Infrax Renewable IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Infrax Renewable IPO allotment?+
The finalization of Basis of Allotment for Infrax Renewable IPO will be done on Tuesday, September 15, 2026 , and the allotted shares will be credited to your demat account by Wed, Sep 16, 2026 . Check the Infrax Renewable IPO allotment status .
When is Infrax Renewable IPO listing date ?+
The Infrax Renewable IPO listing date is not yet announced. The tentative date of listing is Thu, Sep 17, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.