Infrax Renewable IPO reached 1.95x overall subscription on Day 3, driven by a sharp 193.5% rise in retail demand. The issue closes today, September 11, 2026, with allotment scheduled for September 15.

Subscription Status

The Infrax Renewable IPO saw significant momentum in the final hours of Day 3. As of 16:15 PM IST, the issue is subscribed 1.95x overall. This represents a substantial increase from the morning update of 0.60x at 11:15 AM IST. Demand remains concentrated in the Retail category, which stands at 1.82x. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) have not participated significantly, with QIB recording 0.00x subscriptions.

Category-wise Breakdown

Retail investors continue to be the sole source of meaningful demand, rising from 0.62x at 11:15 AM to 1.82x by 16:15 PM. This intra-day jump of 1.20x accounts for the entire increase in overall subscription. The NII (bHNI) category stands at 0.95x. QIB, NII (sHNI), and Employee quotas remain at 0.00x.

Intra-day Timeline

Subscription momentum picked up in the afternoon session. Retail demand increased from 0.04x at 11:15 IST to 0.16x by 17:15 IST, pushing the total subscription from 0.02x to 0.08x.

Offer Details

• Company: Infrax Renewable
• Price band: ₹104.00000 - ₹104.00000
• Issue size: ₹249600 - ₹500000
• Min bid qty: 2400
• Open: 2026-09-09 10:00:00
• Close: 2026-09-11 16:00:00

What's Next

Allotment is scheduled for 2026-09-15, with listing expected on 2026-09-17.

About the Company

Infrax Renewable is an ISO 9001:2015 certified provider of solar Engineering, Procurement and Construction (EPC) services for rooftop and ground mount solar projects. The company operates through three business segments: EPC services, Independent Power Producer (IPP) activities through Power Purchase Agreements with PGVCL, and supply and distribution of solar products including PV modules, inverters and related components. It supplies services and products through a diversified network of authorized dealers across various regions and has been empaneled as a national vendor for government-sponsored solar schemes including PM Surya Ghar: Muft Bijli Yojana.

Financial Highlights

Objects of the Issue

• Funding of capital expenditure towards purchase of machineries and equipments for proposed manufacturing facility: ₹12.29 crores
• Funding working capital requirements: ₹17.00 crores
• General corporate purposes: ₹2.03 crores

Risk Factors

• Dependence on Government Policies and Subsidies
• Dealer Dependency Risk
• Geographic Revenue Concentration
• Key Customer Concentration Risk
• Supplier Concentration and Supply Chain Risk