Aegeus Technologies IPO
smelistedAbout the company
Aegeus Technologies develops robotic automation solutions for the solar power industry. Incorporated in 2017 the company manufactures waterless robotic systems for cleaning solar panels and also provides operations and maintenance (O&M) services for solar power plants. Its product portfolio includes Unicorn Smart, a fully autonomous robotic cleaning solution for utility-scale solar projects, Unicorn R2R, a semi-autonomous robotic cleaning solution for discontinuous table layouts and cost-sensitive deployments, and Shreem, a compact robotic cleaning solution for rooftop solar installations. Besides product sales, the company offers complete solar O&M, Annual Maintenance Contracts (AMC) and Module Cleaning as a Service (MCaaS). The company’s products are supported by technologies such as robotics, artificial intelligence (AI), machine learning (ML), IoT and remote monitoring, and are backed by patents in India, Australia, China, Saudi Arabia and the United States. The company primarily caters to solar developers, EPC contractors, O&M companies, commercial establishments and other businesses operating utility-scale and rooftop solar installations across domestic and international markets. The company operates two leased manufacturing facilities in Bengaluru, Karnataka, with a combined area of around 15,000 sq. ft. In FY26, sale of products contributed 55.3% of revenue from operations, while services accounted for 44.6%. Within the product segment, Unicorn Smart contributed 22.95% of revenue, followed by Unicorn Spares at 17.8%, Unicorn R2R at 14.1% and Shreem at 0.5% in FY26. Within the services segment, complete Solar O&M contributed 39.3% of revenue from operations, while Module Cleaning as a Service (MCaaS) and Annual Maintenance Contracts (AMC) contributed 4.5% and 0.7%, respectively. Exports accounted for 40.5% of revenue in FY26, while domestic sales contributed 59.4%, with Rajasthan being the largest domestic market, followed by Gujarat and Karnataka. Revenue from non-government customers accounted for 99.9% of revenue from operations in FY26. The largest customer contributed 39.3% of revenue, while the top 5 and top 10 customers accounted for 83.4% and 91.2%, respectively.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 05 Aug | ₹0 | ₹105 | 0 |
| 04 Aug | ₹0 | ₹105 | 0 |
| 03 Aug | ₹0 | ₹105 | 0 |
| 02 Aug | ₹0 | ₹105 | 0 |
| 01 Aug | ₹0 | ₹105 | 0 |
| 31 Jul | ₹0 | ₹105 | 0 |
| 30 Jul | ₹0 | ₹105 | 0 |
| 29 Jul | ₹0 | ₹105 | 0 |
Strengths
- Operates in the fast-growing solar technology sector, offering AI and IoT-enabled robotic solar panel cleaning solutions.
- Proprietary waterless robotic cleaning technology helps improve solar plant efficiency while reducing water consumption and maintenance costs.
- Provides an integrated portfolio including robotic cleaning systems, software, installation, monitoring, and O&M services, creating multiple revenue streams.
- Reported strong financial growth, with revenue and profitability improving significantly over the last two financial years.
- Benefits from increasing adoption of utility-scale and rooftop solar projects in India, supporting long-term demand.
- Experienced promoter-led management with a focus on innovation in clean-tech and automation solutions.
Risks
- Business is highly dependent on growth in the solar energy industry, making it vulnerable to changes in renewable energy policies and capital spending.
- As an SME company, it has a relatively limited operating history and smaller scale compared to established industry players.
- Continued investment in research, product development, and technology upgrades is necessary to remain competitive.
- Customer concentration and delays in large solar projects could impact revenue and cash flows.
- The business is working capital-intensive and may require additional funding to support future expansion.
- As an SME-listed stock, it may experience lower liquidity and higher price volatility after listing.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed04 Aug 2026Bidding starts for all investor categories
IPO Closes
Completed06 Aug 2026Last day to place your bid
Basis of Allotment
Completed07 Aug 2026Share allotment finalised
Refund Initiation
Completed10 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed10 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed11 Aug 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1200 | ₹126,000 | 1 | ₹126,000 | 1 lot only |
| HNI | 2 | 2400 | ₹252,000 | 2 | ₹252,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,170,732 | 12 | 0 | 0.00x | 100% |
| NII | 15% | 351,219 | 3.6 | 280,975 | 0.80x | 100% |
| Retail | 35% | 819,512 | 8.4 | 532,683 | 0.65x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
