Himalayan Solar IPO closed its three-day subscription window on September 29, 2026, with an overall subscription of 0.84x. Retail investors drove the final push, jumping to 1.25x, while QIBs remained cautious at 0.27x.

Subscription Status

The issue witnessed a gradual uptick in retail participation over the three days, though institutional demand remained tepid. The total subscription rose from 0.35x on Day 1 to 0.84x by the close on Day 3.

Category-wise Breakdown

Retail investors accounted for the highest subscription multiple among all categories, reaching 1.25x. Non-Institutional Investors (NII) showed mixed trends, with sHNIs at 1.53x and bHNIs at 0.27x. The Employee category received no bids (0x). QIBs maintained a steady but low subscription level of 0.27x throughout the period.

Intra-day Timeline

The subscription pace accelerated notably between 11:15 IST and 17:15 IST, primarily fueled by retail bids. The total subscription jumped by 1650% during this window, reflecting a late-day pickup in retail sentiment despite flat institutional numbers.

Offer Details

• Company: Himalayan Solar
• Price Band: ₹98.00 - ₹103.00
• Issue Size: ₹35.28 crore - ₹50.00 crore
• Min Bid Qty: 2400 shares
• Open: 2026-09-25 10:00:00
• Close: 2026-09-29 16:00:00

About the Company

Himalayan Solar Limited, incorporated in 2015 and headquartered in Panchkula, Haryana, is an integrated turnkey solar energy solutions provider. The company specializes in the design, manufacturing, supply, installation, and commissioning of Solar Water Pumping Systems, Solar Rooftop Power Systems, and Solar Inverter Charge Systems. It operates a 60 MW Mono-PERC Solar PV Module manufacturing facility in Karnal, Haryana, which became operational in March 2026.

The company is empanelled with multiple state government departments including HAREDA, MSEDCL, MEDA, and PEDA. As of July 31, 2026, it had implemented over 85,000 HP capacity of Solar Water Pumping Systems under government projects across India. Its unexecuted order book stood at ₹14,021.69 lakhs, predominantly comprising government contracts.

Financial Highlights

The company reported steady growth in revenue and profitability over the last three fiscal years.

Note: PAT margin for FY2026 was 12.13%.

Objects of the Issue

The net proceeds from the IPO will be utilized for the following purposes:

• Capital Expenditure: ₹12.98 crore towards expansion of manufacturing capacity from 60 MW to 160 MW per annum at the Karnal facility.
• Working Capital: ₹29.50 crore to meet incremental working capital requirements arising from capacity expansion and sales volume growth.
• Debt Repayment: ₹2.12 crore for repayment or pre-payment of outstanding term loans from ICICI Bank.
• General Corporate Purposes: Balance proceeds for strategic initiatives, brand building, and operating expenses.

Risk Factors

Key risks disclosed include:

• Customer Concentration: Top five customers contributed 99.54% of revenue in FY 2025–26, with HAREDA alone accounting for approximately 50.00%.
• Geographical Concentration: Haryana contributed 52.81% of revenue in FY 2025–26.
• Supplier Dependence: Top ten suppliers accounted for 98.00% of purchases in FY 2025–26.
• Capacity Utilization: Low utilization rates in recent years may impact operational efficiency and returns on investment.
• Regulatory Changes: Shifts in MNRE standards and policies could affect product viability and demand.

What's Next

Allotment of shares is scheduled for October 1, 2026. The company's equity shares are expected to be listed on BSE and NSE on October 5, 2026.