Solar power solutions provider, Oriana Power on Thursday 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 of a face value of ₹10 per share through the book-building route. The firm expects to raise around ₹45-46 crore through the IPO, the company said.
The company has appointed Corporate Capital Ventures as the lead manager for the issue, while Skyline Financial Service will be the registrar for the issue.
“As per the DRHP, the company will use issue proceeds from the IPO towards meeting its working capital requirements (₹23 core), investment in subsidiary companies (₹20 crore), capital expenditure for expansion purposes (₹2 crore) and general corporate expenses,” it said.
Company’s finances, recent projects
Co-founded by Rupal Gupta, Parveen Jangra, and Anirudh Saraswat, Oriana commenced operations in 2017. In FY23, the firm’s revenue stood at ₹134 crore compared to ₹101 crore in FY22.
The company’s profit after tax almost doubled to ₹12.69 crore during the year ending March 31, 2023, from ₹6.96 crore registered in the previous fiscal year, as per the DRHP.
In May 2023, Oriana successfully commissioned a 2.7 MWp single rooftop solar power plant at the Indian Oil Corporation (IOCL) refinery in Panipat, Haryana, for Indian Synthetic Rubber (ISRPL).
During April 2023, the company also successfully commissioned a novel 800 kW AC/1 MWp DC floating solar power plant at Dabok mines of Udaipur, Rajasthan, for Udaipur Cement Works (UCWL).
Oriana’s profile
Oriana Power specialises in providing solar energy solutions to industrial and commercial customers. It offers low-carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems and off-site solar farms.
Its clients include Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement, Tata Memorial Hospital, Hindustan Copper, and National High Speed Rail Corporation, among others.