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- Oriana Power Ltd
Oriana Power Ltd IPO
Oriana Power is a company that specializes in providing solar energy solutions to industrial and commercial customers. The Company offer low carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as offsite solar farms i.e. Open access. Their business operations are mainly divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO).
Under the CAPEX model, Company offer Engineering, Procurement, Construction, and Operation of Solar Projects. In this model, customer invest in Capital Expenditure at their own and Company does Engineering, Procurement, Construction, and Operation on behalf of client. This model may be executed in various manners such as rooftop and ground-mounted systems, as well as off-site solar farms. Under CAPEX Model, they have delivered projects with capacity exceeding 100 MWp across various locations to India and Kenya (Africa) till date since commencement of business activity in this area of service i.e. June, 2017.
Under the RESCO model, Company operate through 17 subsidiaries. These subsidiaries provide solar energy solutions on a BOOT (Build, Own, Operate, Transfer) model basis, allowing customers to enjoy the benefits of solar energy without the upfront investment. All the investment, commissioning and maintenance are done at their end and in lieu of that, the Company sells power to the end consumer through a Power Purchase agreement generally agreed for 25 years. Currently, the Company has a diverse portfolio of operational and under-construction projects with a capacity exceeding 35 MWp across various locations in India, including Rajasthan, Delhi, Haryana, Goa, Punjab, Gujarat, Karnataka, Andhra Pradesh, Odisha, and more. Additionally, it has expanded global presence in Kenya, Africa.
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Oriana Power Ltd IPO Timeline
Oriana Power Ltd IPO opens on 01-Aug-2023, and closes on 03-Aug-2023. The Oriana Power Ltd IPO bid date is from 01-Aug-2023 to 03-Aug-2023. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Oriana Power Ltd IPO Opening Date | 01-Aug-2023 |
| Oriana Power Ltd IPO Closing Date | 03-Aug-2023 |
| Basis of Allotment | 08-Aug-2023 |
| Initiation of Refunds | 09-Aug-2023 |
| Credit of Shares to Demat | 10-Aug-2023 |
| Oriana Power Ltd IPO Listing Date | 11-Aug-2023 |
Oriana Power Ltd IPO Lot Size
Oriana Power Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 141600).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 1200 | ₹141600 |
| Maximum | 1 | 1200 | ₹141600 |
Oriana Power Ltd IPO Details
| Oriana Power Ltd IPO Date | 01-Aug-2023 to 03-Aug-2023 |
| Oriana Power Ltd IPO Face Value | Shares of ₹10 per share |
| Oriana Power Ltd IPO Price | ₹118 per share |
| Oriana Power Ltd IPO Lot Size | 1200 |
| Issue Size | Shares of ₹10 (aggregating up to ₹59.66 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹58.14 Cr) |
| Offer for Sale | - |
| Issue Type | Book Building - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | Anirudh Saraswat, Rupal Gupta, Praveen Kumar. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Funding of working capital requirements
- 2 Investment in subsidiary companies
- 3 Capital expenditure on infrastructure & technology for expansion
- 4 General corporate expenses
Company Financials
Oriana Power Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 298.36 | 379.94 | 55.13 |
| 03-2023 | 77.74 | 133.95 | 12.49 |
| 03-2022 | 55.73 | 101.47 | 6.96 |
| Amount in ₹ Crore | |||
- Comprehensive end-to-end EPC solutions provider with a global execution track record.
- Strong relationship with customers and other key stakeholders.
- Well equipped with advance technology
- Experienced Promoters and Technically Sound Operation Team
- Track record of growth and profitability
- Long term relationship with clients and repeat business
- The Company has given Corporate Guarantees of Rs. 7,437.00 Lakh in respect to the loan taken by its subsidiaries and associate companies. The company cannot assure that there will be no default done by its subsidiaries in the future.
- The company may be unable to accurately estimate costs under fixed-price EPC contracts, fail to maintain the quality and performance guarantees under the EPC contracts, the company may experience delays in completing the construction of solar power projects, which may increase its construction costs and working capital requirements and thus may have a material adverse effect on the financial condition, cash flow and results of operations.
- The company operate in a competitive industry and as such we may not be successful in bidding for and winning bids for solar power projects to grow its business globally, which may have a material adverse effect the company business, financial condition, results of operations and prospects.
- Orders in the company order book may be delayed, modified or cancelled and letters of intent may be withdrawn or may not translate to confirmed orders, which may have a material adverse effect on its business, results of operations and financial condition.
- The company business operations rely on consistent solar weather conditions and unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- The average cost of acquisition of Equity Shares by the Promoters could be lower than the issue price.
- The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
- The company Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The Company has availed Rs. 1104.65 Lakh as unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
- Non-updation of Directors Record on website of the MCA.
- There may be potential conflicts of interest if the Promoters or Directors get involved in any business activities that compete with or are in the same line of activity as its business operations.
- Several of the company key raw materials and components are sourced from a single or a limited group of global third-party suppliers giving rise to supplier concentration risks. Any restrictions in supply or defects in quality could cause delays in project construction or implementation and impair its ability to provide of the services to customers at a price that is profitable to it, which could have a material adverse effect on the company business, financial condition and results of operations.
- The company do not own the premises in which the registered office, corporate office and warehouse are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the operations.
- The company success will depends on its ability to attract and retain the key managerial personnel, the company design and engineering team and other key personnel. Failure to do so may have a material adverse effect on its business, financial condition and results of operations.
- Change in technology, evolving customer requirements and emerging industry trends may affect its business, may render the current technologies obsolete and may require us to make substantial capital investments.
- There are certain discrepancies and non- compliances noticed in some of the corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
- The Company has in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on the Company's financial condition and results of operations.
- The company insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on its business.
- The company has applied for registration of logo 'TrueRE' and do not own the trademark legally as on date. Its may be unable to adequately protect the intellectual property. Furthermore, the company may be subject to claims alleging breach of third-party intellectual property rights.
- The company operations may cause injury to people or property and therefore could subject it to significant disruptions in its business, legal and regulatory actions, costs and liabilities which could materially and adversely affect the company business, financial condition and results of operations.
- The company business, financial condition and results of operations could be materially and adversely affected by strikes, work stoppages and/or increased wage demands by the employees or any other kind of dispute with its employees and other workers.
- In addition to normal remuneration, other benefits and reimbursement of expenses some of the Promoters who are directors as well, hold Equity Shares in the Company and may be interested in the Company to the extent of interest received on loan given, their shareholding and dividend entitlement in the Company.
- The company has not made any dividend payments in the past and its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in the company financing arrangements.
- The Issue price of the company Equity Shares may not be indicative of the market price of the Equity Shares after the Issue and the market price of the Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Lockdown and suspension of commercial operations will affect the growth of its business and cash flows.
- The company growth will depends on the ability to build its brand and failure to do so will negatively impact the company ability to effectively compete in this industry.
- There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- The price of the company Equity Shares may be volatile, or an active trading market for the Equity Shares may not develop.
- The company cannot assure you that its equity shares will be listed on the SME platform of NSE in a timely manner or at all, which may restrict your ability to dispose of the equity shares.
- Sale of Equity Shares by the company Promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.
- The Issue price of the company Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Enhance customer base by entering new geographies.
- Leveraging its Market skills and Relationships.
- Focus on quality.
- To build-up a professional organization.
Oriana Power Ltd IPO Promoter Holding
| Pre Issue Share Holding | 83.4% |
| Post Issue Share Holding | 61.41% |
Oriana Power Ltd IPO Subscription Status (Bidding Detail)
The Oriana Power Ltd IPO is subscribed 117.4061 times on Aug 03, 2023 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | 117.4061 |
Oriana Power Ltd IPO Prospectus
Oriana Power Ltd IPO Listing Date
| Listing Date | 11 Aug 23 |
| BSE Script | 91649 |
| NSE Symbol | ORIANA |
| Listing In | NSE - SME |
| ISIN | INE0OUT01019 |
| IPO Price | ₹118 |
| Face Value | ₹10 |
Oriana Power Ltd IPO Registrar
Skyline Financial Services Pvt
Phone: +91 -11 - 40450193-197
Email: ipo@skylinerta.com
Website: www.skylinerta.com
Oriana Power Ltd IPO Lead Manager(s)
- Corporate Capitalventures Pvt Ltd
FAQs on Oriana Power Ltd IPO
Oriana Power Ltd IPO, which opens for subscription from 01-Aug-2023 to 03-Aug-2023 has an issue size of ₹59.66 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Oriana Power Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Oriana Power Ltd IPO Opens for subscription from 01-Aug-2023 to 03-Aug-2023.
The lot size of Oriana Power Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹141600 and ₹141600 respectively.
Allotment date for Oriana Power Ltd is 08-Aug-2023 and refund of application amount (in case allotment is not received) will begin from 09-Aug-2023. If your allotment goes through, then shares will be credited in your Demat account by 10-Aug-2023.
The registrar for Oriana Power Ltd IPO is Skyline Financial Services Pvt. You can check your IPO allotment status on the registrar's website.
The shares of Oriana Power Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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