Himalayan Solar IPO Day 2: QIB demand jumps 28.6%; total subscription rises to 0.40x
- Himalayan Solar IPO subscribed 0.40x on Day 2, up from 0.35x on Day 1.
- QIB demand surged 28.6% intra-day, reaching 0.18x by 12:15 IST.
- Retail investors led overall demand with a subscription rate of 0.59x.
*this image is generated using AI for illustrative purposes only.
Himalayan Solar IPO Day 2 subscription rose to 0.40x, with QIB demand jumping 28.6% to 0.18x. Retail investors led participation at 0.59x, while overall issue traction remained below 1x.
Subscription Status
The Himalayan Solar IPO recorded a cumulative subscription of 0.40x by the end of Day 2, up from 0.35x on Day 1. While the overall figure remains below 1x, the intra-day momentum showed a notable uptick in institutional interest. Qualified Institutional Buyers (QIB) increased their subscription from 0.14x to 0.18x during the day, marking a 28.6% jump. Retail investors continued to show the highest level of engagement among all categories, subscribing to 0.59x of their reserved portion.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 25-09-2026 | 0.14x | 0.04x | 0.62x | 0.51x | 0.35x |
| Day 2 | 28-09-2026 | 0.18x | 0.05x | 0.62x | 0.59x | 0.40x |
Category-wise Breakdown
Retail investors remained the primary driver of demand, with subscription levels rising slightly from 0.51x on Day 1 to 0.59x on Day 2. The Non-Institutional Investors (NII) segment showed mixed trends; big HNIs (bHNI) maintained a steady 0.62x, while small HNIs (sHNI) saw negligible activity at 0.05x. The most significant shift on Day 2 occurred in the QIB category, which moved from 0.14x to 0.18x between the 11:15 IST and 12:15 IST snapshots. Employee quota subscriptions remained at 0x.
Intra-day Timeline
The subscription pace picked up in the first hour of trading on Day 2 (28-09-2026), particularly in the QIB segment. The total subscription moved from 0.38x at 11:15 IST to 0.40x by 12:15 IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.14x | 0.05x | 0.58x | 0.38x |
| 12:15 | 0.18x | 0.05x | 0.59x | 0.40x |
Offer Details
The Himalayan Solar IPO is priced between ₹98.00000 and ₹103.00000 per share. The minimum bid quantity is set at 2400 shares. The issue size ranges from ₹352800 crore to ₹500000 crore based on the price band.
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, operational from March 2026.
Financial Highlights
The company reported steady growth in revenue and profitability over the last three fiscal years.
| Particulars | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Revenue (₹ crore) | 171.69 | 143.14 | 138.65 |
| Profit After Tax (₹ crore) | 20.67 | 16.43 | 4.95 |
| Net Worth (₹ crore) | 46.93 | 26.46 | 10.33 |
Objects of the Issue
The proceeds from the IPO are intended for:
- Funding capital expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility (₹12.98 crore).
- Repayment and/or pre-payment of certain outstanding borrowings availed by the company (₹2.12 crore).
- Meeting working capital requirements (₹29.50 crore).
- General corporate purposes.
Risk Factors
Key risks highlighted in the offer documents include:
- Low capacity utilization and underutilization of expanded manufacturing facilities.
- Customer concentration, with top five customers contributing 99.54% of revenue in FY 2025–26.
- Geographical concentration of revenue in Haryana, which contributed 52.81% of revenue in FY 2025–26.
What's Next
The Himalayan Solar IPO closes on 2026-09-29. Allotment is scheduled for 2026-09-30, and the shares are expected to list on 2026-10-05.
Will the significant QIB demand surge in the final hours of Day 2 be sufficient to push the overall subscription above 1x before the Day 3 deadline?
How might the extreme customer concentration risk, with 99.54% of revenue from top five clients, impact institutional valuation models for Himalayan Solar?
What are the potential post-listing price implications if the IPO closes undersubscribed, given the current retail-led demand pattern?
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