Himalayan Solar IPO

Final subscription

The bidding window has closed. These are the last recorded figures for each category.

Figures from bidding day 5. A multiple of 1.00x means bids exactly covered the shares offered; above that the issue is oversubscribed. Source share counts are not published in this dataset, so only the multiple is shown.

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Anchor investor biddingCompleted

   24 September 2026

   One day before the public window, for institutional anchors.

2. Bidding opensCompleted

   25 September 2026

3. Bidding closesCompleted

   29 September 2026

4. Basis of allotmentCompleted

   30 September 2026

5. Refunds initiatedCompleted

   1 October 2026

6. Shares credited to DematCompleted

   1 October 2026

7. Listing on the exchangeNext

   5 October 2026 in today

Grey market premium

No premium was quoted for this issue on any of the 14 days we hold a record for. A blank record is not a premium of zero, and it says nothing about demand either way.

About Himalayan Solar

Himalayan Solar Ltd. makes and installs solar equipment from its base in Panchkula, Haryana. The company runs three connected lines of work: manufacturing solar PV modules, building turnkey solar projects, and supplying solar water pumping systems. Its module plant turns out 40 MW of polycrystalline modules and 60 MW of Mono PERC modules each year. Government schemes drive most demand. As of March 31, 2026, the company had installed more than 85,000 HP of solar water pumping capacity under government projects across multiple states. Solar water pumps and pump controllers come from an OEM arrangement and sell under the Himalayan Solar brand. The company also trades solar cells, batteries and other solar products. It employed 87 people as of July 31, 2026.

Promoters

• Manjeet Singh
• Karthiyani M
• Himanshu Dalal
• Mehtab Singh
• Anita Kumari

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• To meet working capital requirements

  ₹29.50 Cr

• Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.

  ₹12.98 Cr

• General Corporate Expenses

  ₹8.12 Cr

• Issue Expenses

  ₹7.95 Cr

• Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.

  ₹2.12 Cr

Peer comparison

The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Himalayan Solar is the first row.

Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• Himalayan Solar issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 4 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.