Infrax Renewable IPO
Bidding closed. The basis of allotment is due on 15 September 2026.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 15 September 2026. They are not a live tick-by-tick feed, so a bidding day can move between refreshes. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹40.88 Cr
- Lot size
- 1,200 shares
- Minimum investment
- ₹1,24,800.00
- Face value
- ₹10.00
- Fresh issue
- ₹31.74 Cr
- Offer for sale
- ₹7.08 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 9 September 2026 to 11 September 2026
Final subscription
The bidding window has closed. These are the last recorded figures for each category.
| Category | Times subscribed | Relative to the highest category |
|---|---|---|
| TotalTotal | 2.05x | |
| RetailRetail individual investors | 1.90x | |
| NIINon-institutional investors | 1.39x | |
| Total | 2.05x |
Figures from bidding day 3. 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.
Bidding opensCompleted
9 September 2026
Bidding closesCompleted
11 September 2026
Basis of allotmentNext
15 September 2026 in today
Refunds initiated
16 September 2026
Shares credited to Demat
16 September 2026
Listing on the exchange
17 September 2026
Issue dates
This is a fixed-price issue, so there is no anchor investor step. Anchor bidding exists only where an issue is book built and the price is discovered through bidding.
Grey market premium
No premium was quoted for this issue on any of the 8 days we hold a record for. A blank record is not a premium of zero, and it says nothing about demand either way.
About Infrax Renewable
Infrax Renewable Ltd. is a solar energy company based in Rajkot, Gujarat. It runs three revenue lines: Engineering, Procurement and Construction (EPC) for rooftop and ground-mounted solar projects, distribution of solar products such as PV modules and inverters, and power generation as an Independent Power Producer. The EPC arm handles design, engineering, procurement, installation, testing, commissioning and operation and maintenance. Residential customers buy rooftop systems; commercial and industrial buyers take ground-mounted projects. The company sells electricity to Paschim Gujarat Vij Company Limited under a 25-year Power Purchase Agreement from a 1.2 MW plant commissioned in 2026 at Bhadla, Jasdan, Gujarat. It sources raw materials from domestic suppliers in Gujarat, Madhya Pradesh, Rajasthan, Telangana, Maharashtra and Uttar Pradesh. Warehouses sit in Rajkot, Ahmedabad and Kanpur, with branch offices across four states. It employs 52 permanent staff as of 31 March 2026.
Promoters
- Bhargv Ashvinbhai Vachhani
- Gandhi Bhavik Tarunkumar
- Khushboo Bhargav Vachhani
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.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Assets | 4.40 | 8.24 | 31.53 |
| Total Income | 9.66 | 30.48 | 93.33 |
| Profit After Tax | 0.96 | 2.85 | 10.20 |
| EBITDA | 1.76 | 4.50 | 14.56 |
| NET Worth | 1.40 | 1.89 | 15.77 |
| Reserves and Surplus | — | 0.89 | 14.52 |
| Total Borrowing | — | 3.02 | 6.99 |
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.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹9.29 | Profit after tax divided by the number of shares. |
| P/E at the cap price | 11.19x | Issue price divided by earnings per share. Lower is cheaper, but only against the same industry. |
| P/E after the issue | 14.50x | The same ratio recalculated on the larger post-issue share count. |
| Price to book | 6.59x | Issue price against net assets per share. |
| Net asset value per share | ₹15.77 | What the company owns, less what it owes, per share. |
| Return on equity | 115.54% | Profit earned on shareholders’ money. |
| Return on capital employed | 63.89% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 64.68% | The offer document’s own name for return on shareholders’ funds. |
| Debt to equity | 0.44x | Borrowings against shareholders’ funds. Higher means more leverage. |
| Profit margin | 10.94% | Profit after tax as a share of income. |
| Operating margin | 15.62% | Operating profit as a share of income, before interest, tax and depreciation. |
| Market capitalisation | ₹148.05 Cr | Value of the company at the issue price. |
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.
Funding working capital requirements of the Company
₹17.00 Cr
Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility
₹12.29 Cr
Issue Expenses
₹3.00 Cr
General corporate purposes
₹2.03 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. Infrax Renewable is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Infrax Renewable Ltd.This issue | 10.86 | 9.58 | ₹15.77 | 64.68% |
| Acme Solar Holdings Ltd | 8.24 | 49.25 | ₹83.63 | 9.84% |
| Alpex Solar Limited | 80.52 | 10.9 | ₹219.94 | 35.87% |
| Solarium Green Energy Ltd | 9.81 | 15.78 | ₹77.93 | 12.58% |
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.
| Category | Share of issue | Amount |
|---|---|---|
| Retail individual investors | 50.42% | — |
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
One lot is 1,200 shares, and the block is calculated at the top of the price band, ₹104.00. That comes to ₹1,24,800.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 9 September 2026 to 11 September 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
The last recorded total is 2.05x. That figure is a snapshot refreshed every 30 minutes, so it can lag the exchange during a bidding day. A multiple above 1.00x means bids exceeded the shares offered.
The most recent recorded premium is ₹0.00 per share, against ₹0.00 when recording began on 8 September 2026. The movement across those days says more than either number on its own.
Retail applications run from 1 lot to 13 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
The registrar for this issue is Bigshare Services Pvt.Ltd.. Allotment is published on its site, where you enter your PAN or application number. The registrar also handles the refund of blocked funds and the credit of shares to your Demat account.
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.
- Infrax Renewable issue particulars are compiled and published by DematOpen, refreshed every 30 minutes, and reviewed by the editorial team. The record was last updated 15 September 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.