Infrax Renewable IPO Day 2: Subscribed 0.26x; Retail jumps +58.3% to 0.38x
- Infrax Renewable IPO subscribed 0.26x on Day 2
- Retail category leads at 0.38x, up +58.3% intraday
- QIB and NII segments remain largely unsubscribed
- Issue closes on September 11, 2026
*this image is generated using AI for illustrative purposes only.
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.
| 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 | 0.11x | 0.38x | 0.26x |
| Day 3 | 11-09-2026 | 0.00x | 0.00x | 0.95x | 1.82x | 1.95x |
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
The intraday data for Day 2 indicates steady activity in the retail segment, which jumped +58.3% from 0.24x to 0.38x today. Total subscription doubled from 0.13x to 0.26x.
| 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 |
| 13:15 | 0.00x | 0.00x | 0.29x | 0.16x |
| 14:15 | 0.00x | 0.00x | 0.31x | 0.16x |
| 15:15 | 0.00x | 0.00x | 0.33x | 0.17x |
| 16:15 | 0.00x | 0.00x | 0.34x | 0.24x |
| 17:15 | 0.00x | 0.00x | 0.38x | 0.26x |
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
| Metric | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from operations (₹ crores) | 9.65 | 30.47 | 93.21 |
| Total Profit (₹ crores) | 0.96 | 2.85 | 10.20 |
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 QIB subscription on Day 2 signal potential listing price volatility or a failure to meet the minimum 90% subscription requirement?
How might Infrax Renewable's heavy reliance on government subsidies under schemes like PM Surya Ghar impact its long-term revenue stability if policy support wanes?
Given the significant geographic and customer concentration risks, what strategies is the company employing to diversify its client base beyond current key partners?
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