Infrax Renewable IPO GMP today is Rs 0. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
SME IPO
INFRAX
Infrax Renewable IPO GMP & Allotment
Infrax Renewable is engaged in the solar energy sector, providing comprehensive Engineering, Procurement, and Construction (EPC) services for rooftop and ground-mounted solar projects. The company manages the entire project lifecycle, including design, procurement, installation, and operation and maintenance. Alongside its EPC operations, Infrax generates revenue by supplying and distributing various solar products, such as photovoltaic modules and inverters. The business also operates as an Independent Power Producer, generating and selling electricity through its own solar power plant in Jasdan, Gujarat, under Power Purchase Agreements with Paschim Gujarat Vij Company. To further strengthen its supply chain and margins, the company is expanding its operations through backward integration to manufacture solar panel mounting structures and frames, alongside establishing a solar panel recycling and silver extraction facility.
- IPO Price Band
- ₹104.00 - ₹104.00
- Lot Size
- 1,200 Shares
- Bidding Closes
- 11 Sept 2026
- Listing Date
- 17 Sept 2026
Current GMP Status
₹0
+0% vs upper band
Est. Listing Gain
+0.00%
Last Trend
11 Sept 2026
Listing Price
₹104.00
Retail Entry
₹2,49,600
IPO Details
Complete IPO information
| IPO Open Date | 09 Sept 2026 |
|---|---|
| IPO Close Date | 11 Sept 2026 |
| IPO Price Band | ₹104.00 - ₹104.00 |
| Lot Size | 1,200 Shares |
| Current GMP | ₹0 |
| Estimated Listing Gain | +0.00% |
| Issue Size | Approx ₹40.88 Cr |
| Fresh Issue | Approx ₹33.81 Cr |
| Issue Type | SME |
| IPO Listing | NSE, BSE |
| Retail Quota | TBA |
| Registrar | TBA |
| Overall Subscription | 2.05x |
| Minimum Investment | ₹2,49,600 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| NII | 18.50 | 25.78 | 1.39x |
| Retail | 18.50 | 35.66 | 1.90x |
| Overall Subscription | 37.32 | 76.33 | 2.05x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Infrax Renewable is priced at ₹104 per share. With a minimum lot size of 1,200 shares, a retail investor applying for one lot would need approximately ₹2,49,600 to participate in this SME issue.
The latest recorded Grey Market Premium for Infrax Renewable stands at ₹0, implying an estimated listing gain of around 0.00% 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, Infrax Renewable's IPO was subscribed 2.05x overall, with a category-wise breakdown of Retail 1.9x, NII 1.39x.
Among the strengths highlighted in Infrax Renewable's IPO documents: Diversified presence across solar EPC, product distribution, and IPP operations.; Extensive market reach supported by a growing network of 2,830 local dealers..
Investors should also weigh the risk factors Infrax Renewable has disclosed, including: High geographic concentration with 97.41% of FY26 revenue generated solely in Gujarat..
A share of Infrax Renewable's issue proceeds is earmarked for Capital Expenditure: 12.29 (36.35%).
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
09 Sept 2026
✓
Bidding Closes
11 Sept 2026
✓
Allotment
15 Sept 2026
✓
Listing
17 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 11 Sept 2026 | ₹0.00 | - | TBA |
| 10 Sept 2026 | ₹0.00 | - | TBA |
| 09 Sept 2026 | ₹0.00 | - | 0.00% |
| 07 Sept 2026 | ₹0.00 | - | TBA |
| 06 Sept 2026 | ₹0.00 | - | TBA |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lot | 2,400 | ₹2,49,600 |
| Retail Maximum | 2 Lot | 2,400 | ₹2,49,600 |
| S-HNI Minimum | 3 Lot | 3,600 | ₹3,74,400 |
| S-HNI Maximum | 8 Lot | 9,600 | ₹9,98,400 |
| B-HNI Minimum | 9 Lot | 10,800 | ₹11,23,200 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
- Capital Expenditure 12.29 (36.35%)
- Working Capital 17 (50.28%)
- General Corporate Purpose 4.52 (13.37%)
Issue Notes
Important takeaways before applying
Strengths
- Diversified presence across solar EPC, product distribution, and IPP operations.
- Extensive market reach supported by a growing network of 2,830 local dealers.
- Solid execution pipeline backed by an active order book of 1,756 solar projects.
- Strategic expansion into in-house manufacturing of solar frames and mounting structures.
- Comprehensive capabilities for managing solar projects from initial design to final commissioning.
Risks
- High geographic concentration with 97.41% of FY26 revenue generated solely in Gujarat.
- Business viability relies heavily on continued government solar policies and subsidies.
- Dependent on limited third-party component suppliers without long-term procurement contracts.
- Lacks formalized and comprehensive contractual agreements with certain operational dealers.
- Vulnerable to project execution delays, operational hazards, and severe weather disruptions.
Analysis
Infrax Renewable IPO Reservation
The Infrax Renewable IPO reservation shows how the shares offered in the public issue are divided between non-institutional investors and retail investors. The allocation provides investors with a clear view of the category-wise share distribution.
Under the provided issue structure, NII investors are offered 18,81,600 shares, representing 50.42% of the shares, while retail investors are offered 18,50,400 shares, accounting for the remaining 49.58%.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| NII Shares Offered | 18,81,600 Shares | 50.42% |
| Retail Shares Offered | 18,50,400 Shares | 49.58% |
Note: The reservation percentages and share quantities are based on the Infrax Renewable IPO issue structure provided.
Analysis
Infrax Renewable IPO Promoters and Holding Pattern
The promoters of Infrax Renewable are Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani. The promoter and promoter group currently hold 70.64% of the company's pre-IPO share capital.
Following the IPO, the promoter and promoter group holding is expected to decline to 49.73%. This reduction in percentage is accompanied by an increase in the overall number of shares outstanding, while the shareholding of other investors rises to 50.27% of the post-IPO capital.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 77,60,000 | 70.64% | 7,079,600 | 49.73% |
| Others* | 32,25,111 | 29.36% | 7,156,311 | 50.27% |
| Total | 1,09,85,111 | 100% | 1,42,35,911 | 100% |
Note: The holding pattern is based on the Infrax Renewable IPO shareholding details provided. *Others includes shareholders other than the promoter and promoter group.
Analysis
Infrax Renewable IPO Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 09 Sept 2026 |
| IPO Close Date | 11 Sept 2026 |
| Basis of Allotment | 15 Sept 2026 |
| Refunds | 16 Sept 2026 |
| Credit to Demat Account | 16 Sept 2026 |
| IPO Listing Date | 17 Sept 2026 |
Note: The timeline for Infrax Renewable IPO is tentative and subject to change.
Analysis
Infrax Renewable About Ipo
Infrax Renewable, founded in September 2024, is an Engineering, Procurement, and Construction (EPC) firm focused on providing solar energy solutions, including rooftop and Ground-mounted solar projects. Its product range includes the manufacturing of a wide range of solar products, including solar PV modules, inverters, and related equipment.
The firm operates its business via 3 different models: EPC services, offering end-to-end solar solutions, from planning and designing to installation; Independent Power Producer (IPP), selling solar electricity through its own solar power plant in Gujarat; and supplying various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Infrax Renewable products cater to customers across residential, commercial, and industrial segments.
Analysis
Infrax Renewable Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Capital expenditure for the proposed manufacturing facility | 12.29 (36.35%) |
| Funding working capital requirements | 17 (50.28%) |
| General corporate purposes | 4.52 (13.37%) |
Note: Objectives are as specified in the DRHP/RHP documents of Infrax Renewable.
Analysis
Infrax Renewable IPO Company Valuation – FY2026
The Infrax Renewable IPO valuation highlights the company's profitability, operating efficiency, earnings capacity and capital structure for FY2026. Key indicators such as ROE, ROCE, EBITDA margin, PAT margin, EPS and NAV provide a broader view of the company's financial performance.
For FY2026, Infrax Renewable reported basic EPS of ₹10.86 and a P/E ratio of 9.58. The company recorded an ROE of 115.54% and RoNW of 64.68%, while its debt-to-equity ratio stood at 0.44. The NAV was ₹15.77 per share.
| KPI | Values |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| EBITDA Margin | 15.62% |
| PAT Margin | 10.94% |
| Debt to Equity Ratio | 0.44 |
| Earning Per Share (EPS) | ₹10.86 (Basic) |
| Price/Earning P/E Ratio | 9.58 |
| Return on Net Worth (RoNW) | 64.68% |
| Net Asset Value (NAV) | ₹15.77 |
Note: The valuation figures are based on the FY2026 data provided for the Infrax Renewable IPO. The P/E ratio shown above is based on the provided valuation information.
Analysis
Infrax Renewable Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 9.66 Cr. | 8.15 Cr. | 0.96 Cr. | 4.40 Cr. |
| 2025 | 30.48 Cr. | 26.20 Cr. | 2.85 Cr. | 8.24 Cr. |
| 2026 | 93.33 Cr. | 79.55 Cr. | 10.20 Cr. | 31.53 Cr. |
Note: Financial numbers for Infrax Renewable are in ₹ Crores unless stated otherwise.
Analysis
Infrax Renewable Company Valuation – FY2026
| KPI | Values |
|---|---|
| ROE | 115.54% |
| ROCE | 63.89% |
| EBITDA Margin | 15.62% |
| PAT Margin | 10.94% |
| Debt to Equity Ratio | 0.44 |
| Earning Per Share (EPS) | 10.86 (Basic) |
| Price/Earning P/E Ratio | 9.58 |
| Return on Net Worth (RoNW) | 64.68% |
| Net Asset Value (NAV) | 15.77 |
Note: Valuation KPIs for Infrax Renewable are computed for FY2026.
Analysis
Infrax Renewable IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Acme Solar Holdings Limited | 8.24 | 49.25 | 9.84% | 83.63 | – Cr. |
| Alpex Solar Limited | 80.52 | 10.90 | 35.87% | 219.94 | – Cr. |
| Solarium Green Energy Limited | 9.81 | 15.78 | 12.58% | 77.93 | – Cr. |
Note: Peer group comparisons for Infrax Renewable are sourced from DRHP filings.
Comparison
Compare Infrax Renewable IPO with similar IPOs
FAQ
Infrax Renewable IPO FAQs
Infrax Renewable IPO price band is Rs 104.00 to Rs 104.00. Check the latest issue price, lot size and GMP together before applying.
Infrax Renewable IPO open date is 09 Sept 2026, close date is 11 Sept 2026, and listing date is 17 Sept 2026.
Infrax Renewable IPO lot size is 1,200 shares. The minimum retail investment is Rs 2,49,600.
Infrax Renewable is classified as a SME IPO. This helps investors quickly understand the issue category and exchange segment.
Infrax Renewable IPO subscription status currently shows Retail 1.9x, NII 1.39x, Overall 2.05x.
Infrax Renewable is engaged in the solar energy sector, providing comprehensive Engineering, Procurement, and Construction (EPC) services for rooftop and ground-mounted solar projects. The company manages the entire project lifecycle, including design, procurement, installation, and operation and maintenance. Alongside its EPC operations, Infrax generates revenue by supplying and distributing various solar products, such as photovoltaic modules and inverters. The business also operates as an Independent Power Producer, generating and selling electricity through its own solar power plant in Jasdan, Gujarat, under Power Purchase Agreements with Paschim Gujarat Vij Company. To further strengthen its supply chain and margins, the company is expanding its operations through backward integration to manufacture solar panel mounting structures and frames, alongside establishing a solar panel recycling and silver extraction facility.
Infrax Renewable IPO issue size is 40.88 and the expected allotment date is 15 Sept 2026.
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