Infrax Renewable IPO Day 2: Subscribed 0.14x; Retail jumps +12.5% to 0.27x
- Infrax Renewable IPO subscribed 0.14x on Day 2
- Retail segment leads with 0.27x subscription
- QIB and NII categories remain unsubscribed
- Issue closes on 2026-09-11
*this image is generated using AI for illustrative purposes only.
Infrax Renewable IPO subscription stands at 0.14x on Day 2, with the Retail category leading at 0.27x. The retail segment jumped +12.5% intraday, while QIB and NII segments remain unsubscribed as the issue continues to attract limited interest.
Subscription Status
The issue saw modest traction on Day 2, with cumulative subscription reaching 0.14x. The progression from Day 1 shows a slight uptick in overall demand, driven primarily by retail investors.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.00x | 0.00x | 0.00x | 0.16x | 0.08x |
| Day 2 | 10-09-2026 | 0.00x | 0.00x | 0.00x | 0.27x | 0.14x |
Category-wise Breakdown
Retail investors continue to be the sole contributors to demand, with the segment subscribed at 0.27x. Both Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII), including both bHNI and sHNI categories, remain at 0.00x. Employee participation is also at 0.00x.
Intra-day Timeline
The intraday data for Day 2 indicates steady but low-level activity in the retail segment, which jumped +12.5% from 0.24x to 0.27x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.24x | 0.13x |
| 12:15 | 0.00x | 0.00x | 0.27x | 0.14x |
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
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 (including residential rooftop and commercial ground-mounted projects), 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. The company 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
| 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 complete lack of interest from QIBs and NIIs signal a broader market skepticism toward solar EPC valuations, potentially forcing a price band revision?
How might the company's heavy reliance on government subsidies, as highlighted in the risk factors, impact long-term revenue stability if policy support wanes post-IPO?
Given the high customer and supplier concentration risks, what contingency strategies does Infrax Renewable have to diversify its supply chain and client base after listing?
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