Infrax Renewable IPO Day 1: Subscribed 0.04x; Retail jumps 75% intraday
- Infrax Renewable IPO subscribed 0.04x on Day 1
- Retail category leads with 0.07x, up 75% intraday
- QIB and NII segments remain at 0x
- Issue priced at ₹104.00000 per share
- Subscription window closes on 2026-09-11
*this image is generated using AI for illustrative purposes only.
Infrax Renewable IPO subscription ticked up to 0.04x on Day 1, driven by a sharp rise in Retail demand. The Retail category jumped 75% intraday to reach 0.07x, while QIB and NII segments remained at 0x.
Subscription Status
The issue saw modest activity on its first day. Total subscription stood at 0.04x, with the Retail segment accounting for all subscribed amounts. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) did not participate.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.00x | 0.00x | 0.00x | 0.07x | 0.04x |
Intra-day Timeline
Subscription momentum picked up in the midday session. Retail demand increased from 0.04x at 11:15 IST to 0.07x by 12:15 IST, pushing the total subscription from 0.02x to 0.04x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.04x | 0.02x |
| 12:15 | 0.00x | 0.00x | 0.07x | 0.04x |
Offer Details
Infrax Renewable has priced its IPO at ₹104.00000 per share. The issue size ranges from ₹249600 to ₹500000. The minimum bid quantity is set at 2400 shares. The subscription window opened on 2026-09-09 at 10:00:00 and will close on 2026-09-11 at 16:00:00.
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 is empaneled as a national vendor for government-sponsored solar schemes including PM Surya Ghar: Muft Bijli Yojana.
Financial Highlights
The company reported revenue from operations of ₹93.21 crores in FY 2026, up from ₹30.47 crores in FY 2025. Total profit increased to ₹10.20 crores in FY 2026 from ₹2.85 crores in FY 2025.
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Revenue from Operations (₹ crores) | 93.21 | 30.47 | 9.65 |
| Total Profit (₹ crores) | 10.20 | 2.85 | 0.96 |
| Total Assets (₹ crores) | 31.53 | 8.24 | 4.40 |
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
Will the lack of interest from QIBs and NIIs on Day 1 signal potential under-subscription risks for Infrax Renewable by the closing date?
How might the company's heavy reliance on government subsidies, such as the PM Surya Ghar scheme, impact its long-term revenue stability post-IPO?
Given the significant year-over-year revenue growth, can Infrax Renewable sustain its profit margins while funding the proposed ₹12.29 crore manufacturing expansion?
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