Infrax Renewable IPO Day 3: Subscribed 1.02x; Retail jumps 53% intraday
- Infrax Renewable IPO is subscribed 1.02x on Day 3, crossing the fully subscribed mark.
- Retail investors drove the surge, jumping 53.2% intraday to 0.95x.
- QIB and NII segments remain at 0.00x and 0.39x respectively.
- The issue closes today, September 11, 2026.
- Listing is expected on September 17, 2026.
*this image is generated using AI for illustrative purposes only.
Infrax Renewable IPO has crossed the 1x mark on Day 3, reaching 1.02x overall subscription. Retail investors drove the momentum, jumping 53.2% intraday to 0.95x. The issue closes today, September 11, 2026.
Subscription Status
The Infrax Renewable IPO saw significant momentum in the final hours of Day 3. As of 13:15 PM IST, the issue is subscribed 1.02x 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 0.95x. Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) have not participated, with both segments 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 | 0.39x | 0.95x | 1.02x |
Category-wise Breakdown
Retail investors continue to be the sole source of meaningful demand, rising from 0.62x at 11:15 AM to 0.95x by 13:15 PM. This intra-day jump of 0.33x accounts for the entire increase in overall subscription. The NII (bHNI) category remains flat at 0.39x, unchanged since earlier updates. QIB, NII (sHNI), and Employee quotas remain at 0.00x.
Intra-day Timeline
On Day 3, subscription figures updated significantly between 11:15 AM and 13:15 PM IST.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.00x | 0.62x | 0.60x |
| 12:15 | 0.00x | 0.00x | 0.79x | 0.87x |
| 13:15 | 0.00x | 0.00x | 0.95x | 1.02x |
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
How might the complete absence of QIB and NII participation impact the stock's liquidity and price stability during the initial trading days post-listing?
Given the heavy reliance on government subsidies like PM Surya Ghar, how vulnerable is Infrax Renewable's revenue growth to potential policy shifts or subsidy delays in FY 2027?
Will the company's plan to use ₹12.29 crores for a new manufacturing facility help mitigate its current supplier concentration and supply chain risks?
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