Himalayan Solar IPO GMP today is Rs -18. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
HIMALAYAN
Himalayan Solar IPO GMP & Allotment
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
- IPO Price Band
- ₹98.00 - ₹103.00
- Lot Size
- 1,200 Shares
- Bidding Closes
- 29 Sept 2026
- Listing Date
- 05 Oct 2026
Quick Answer & Highlights
Himalayan Solar IPO GMP Today & Key Takeaways
Last updated: 05 Oct 2026
Himalayan Solar IPO officially listed on 05 Oct 2026 at Rs 85.00, delivering a -17.48% listing gain compared to its issue price of Rs 68.03. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹-18.
Himalayan Solar IPO officially listed on 05 Oct 2026 at ₹85.00, delivering a -17.48% listing gain compared to its issue price of ₹68.03. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹-18.
| Key Metric | Figure | Status / Context |
|---|---|---|
| Current GMP | ₹-18 | -17.48% vs upper band (05 Oct 2026) |
| Est. Listing Price | ₹85.00 | -17.48% Est. Listing Gain |
| Price Band | ₹98.00 - ₹103.00 | SME IPO |
| Retail Minimum Investment | ₹2,47,200 | 2 Lot (1,200 Shares) |
| Bidding Window | 25 Sept 2026 – 29 Sept 2026 | Listed |
| Allotment & Listing Dates | Allotment: 30 Sept 2026 | Listing: 05 Oct 2026 |
Current GMP Status
₹-18
-17.48% vs upper band
Est. Listing Gain
-17.48%
Last Trend
05 Oct 2026
Listing Price
₹85.00
Retail Entry
₹2,47,200
IPO Details
Complete IPO information
| IPO Open Date | 25 Sept 2026 |
|---|---|
| IPO Close Date | 29 Sept 2026 |
| IPO Price Band | ₹98.00 - ₹103.00 |
| Lot Size | 1,200 Shares |
| Current GMP | ₹-18 |
| Estimated Listing Gain | -17.48% |
| Issue Size | Approx ₹68.03 Cr |
| Fresh Issue | Approx ₹60.68 Cr |
| Issue Type | SME |
| IPO Listing | NSE SME |
| Retail Quota | TBA |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Overall Subscription | 1.19x |
| Minimum Investment | ₹2,47,200 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 5.03 | 8.36 | 1.66xx |
| NII | 18.79 | 17.72 | 0.94xx |
| Retail | 31.39 | 39.65 | 1.26xx |
| Overall Subscription | 55.21 | 65.74 | 1.19xx |
Day-wise demand
Himalayan Solar IPO subscription status day-wise
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 2 (28 Sept) | 0.85x | 0.42x | 0.51x | 0.51x |
| Day 3 (29 Sept) | 1.58x | 0.26x | 0.84x | 0.71x |
Subscription in times (x) at the end of each bidding day. Today's row updates through the day.
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Himalayan Solar is priced at ₹103 per share. With a minimum lot size of 1,200 shares, a retail investor applying for one lot would need approximately ₹2,47,200 to participate in this SME issue.
The latest recorded Grey Market Premium for Himalayan Solar stands at ₹-18, implying an estimated listing gain of around -17.48% over the issue price if it holds until listing. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Himalayan Solar's IPO was subscribed 1.19x overall, with a category-wise breakdown of Retail 1.26x, QIB 1.66x, NII 0.94x.
SME IPOs list on the dedicated SME platform of BSE/NSE. They usually involve smaller issue sizes and a higher per-lot investment than Mainboard issues, with comparatively lower institutional participation.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
25 Sept 2026
✓
Bidding Closes
29 Sept 2026
✓
Allotment
30 Sept 2026
✓
Listing
05 Oct 2026
| Event / Milestone | Scheduled Date | Status |
|---|---|---|
| Bidding Opens | 25 Sept 2026 | Completed |
| Bidding Closes | 29 Sept 2026 | Completed |
| Allotment | 30 Sept 2026 | Completed |
| Listing | 05 Oct 2026 | Completed |
Grey Market Premium
Daily GMP status
Trend chart builds up as more daily GMP snapshots are recorded.
| Date | GMP | Change | Gain |
|---|---|---|---|
| 05 Oct 2026 | ₹0.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,47,200 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,47,200 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹3,70,800 |
| S-HNI Maximum | 8 Lot | 9,600 | ₹9,88,800 |
| B-HNI Minimum | 9 Lot | 10,800 | ₹11,12,400 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Analysis
Himalayan Solar IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 25 Sept 2026 |
| IPO Close Date | 29 Sept 2026 |
| Basis of Allotment | 30 Sept 2026 |
| Refunds | 01 Oct 2026 |
| Credit to Demat Account | 01 Oct 2026 |
| IPO Listing Date | 05 Oct 2026 |
Note: The timeline for Himalayan Solar IPO is tentative and subject to change.
Analysis
Himalayan Solar Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding Capital Expenditure for manufacturing expansion | 12.98 (21.39%) |
| Repayment/pre-payment of outstanding borrowings | 2.12 (3.49%) |
| Meeting working capital requirements | 29.5 (48.62%) |
| General corporate purposes | 16.08 (26.50%) |
Note: Objectives are as specified in the DRHP/RHP documents of Himalayan Solar.
Analysis
Himalayan Solar Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 138.65 Cr. | 131.77 Cr. | 4.94 Cr. | 84.14 Cr. |
| 2025 | 143.14 Cr. | 121.15 Cr. | 16.43 Cr. | 93.82 Cr. |
| 2026 | 171.69 Cr. | 144.00 Cr. | 20.67 Cr. | 158.22 Cr. |
Note: Financial numbers for Himalayan Solar are in ₹ Crores unless stated otherwise.
Analysis
Himalayan Solar Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 44.04% |
| ROCE | 35.84% |
| EBITDA Margin | 17.05% |
| PAT Margin | 12.13% |
| Debt to Equity Ratio | 0.77 |
| Earning Per Share (EPS) | 12.74 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 44.04% |
| Net Asset Value (NAV) | 28.93 |
Note: Valuation KPIs for Himalayan Solar are computed for FY2026.
Analysis
Himalayan Solar IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Ganesh Green Bharat Limited | 30.31 | 7.11 | 26.82% | 113.02 | 1,064.27 Cr. |
| Solarium Green Energy Limited | 9.81 | 14.99 | 12.58% | 77.93 | 368.15 Cr. |
| Australian Premium Solar (India) Limited | 28.70 | 8.34 | 35.24% | 81.44 | 707.96 Cr. |
Note: Peer group comparisons for Himalayan Solar are sourced from DRHP filings.
Comparison
Compare Himalayan Solar IPO with similar IPOs
FAQ
Himalayan Solar IPO FAQs
Based on the latest Grey Market Premium (GMP) of Rs -18 and an issue price of Rs 103, the estimated listing price for Himalayan Solar IPO is Rs 85.00 (approx -17.48% listing gain). Actual listing price is determined by market demand on the listing day.
Himalayan Solar IPO price band is Rs 98.00 to Rs 103.00. Check the latest issue price, lot size and GMP together before applying.
Himalayan Solar IPO open date is 25 Sept 2026, close date is 29 Sept 2026, and listing date is 05 Oct 2026.
Himalayan Solar IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,47,200.
Himalayan Solar is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Himalayan Solar IPO subscription status currently shows Retail 1.26x, QIB 1.66x, NII 0.94x, Overall 1.19x.
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
Himalayan Solar IPO issue size is TBA and the expected allotment date is 30 Sept 2026.
In our empirical study of 117 Indian IPO listings, positive GMP was followed by a positive listing gain 69.8% of the time. However, as an exact forecast, the median variation between GMP-implied gain and actual listing price was 8 percentage points. GMP reflects informal market sentiment and should always be evaluated alongside company valuation and fundamentals.
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