Himalayan Solar IPO
smelistedAbout the company
Himalayan Solar provides integrated turnkey solar energy solutions covering design, manufacturing, supply, installation and commissioning, with solar water pumping systems as its principal offering and solar inverter charger and rooftop systems as additional offerings. As at March 31, 2026, the company had implemented more than 85,000 HP of solar water pumping capacity under government projects in India and was empanelled with multiple state government departments and public-sector agencies. The business operates across turnkey/EPC solar projects, solar water pumping systems, support services under skill-development programmes and sale of solar products. Solar water pumps and pump controllers are manufactured under OEM arrangements and branded as Himalayan Solar; the remaining system components are sourced from external vendors. Government customers contributed 97.1% of FY26 revenue, and private customers 2.8%. Solar water pumping EPC contracts generated 97.5% of FY26 revenue. Skill-development support services contributed 2.3%, and solar PV module sales contributed 0.1%. Revenue was entirely domestic. Haryana contributed 52.8% of FY26 revenue, Maharashtra 45.5% and Punjab 1.6%. The earlier Panchkula plant had 40 MW annual polycrystalline module capacity and produced 9.02 MW, or 27,342 panels, at 22.9% utilisation in FY24; production was halted from August 2024. The replacement Karnal facility, operational from March 2026, has 60 MW annual capacity for approximately 107,500 Mono-PERC modules.
Strengths
Risks
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed25 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed29 Sept 2026Last day to place your bid
Basis of Allotment
Completed30 Sept 2026Share allotment finalised
Refund Initiation
Completed01 Oct 2026Refunds credited for non-allottees
Credit to Demat
Completed01 Oct 2026Allotted shares credited to demat account
Listing on Exchange
Completed05 Oct 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 | ₹123,600 | 1 | ₹123,600 | 1 lot only |
| HNI | 2 | 2400 | ₹247,200 | 2 | ₹247,200 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,383,085 | 34 | 1,150,249 | 0.34x | 100% |
| NII | 15% | 1,014,925 | 10.2 | 426,269 | 0.42x | 100% |
| Retail | 35% | 2,368,159 | 23.8 | 1,207,761 | 0.51x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
