Oneindig Technologies IPO
smelistedAbout the company
Incorporated in 2016, Oneindig Technologies provides Engineering, Procurement and Commissioning (EPC) services in the solar energy sector, along with complete turnkey solar solutions and Operations and Maintenance (O&M) services. The company’s projects include residential rooftop, commercial and industrial (C&I) rooftop, ground-mounted solar projects and solar water pumps for both private and government customers. Apart from EPC services, the company also supplies Solar PV Modules, solar inverters, solar pump controllers, energy storage systems (Li-ion/Lead Acid), ACDB/DCDB, LT/HT panels, wires and cables. It also operates as an Independent Power Producer (IPP) through Power Purchase Agreements (PPAs). The company has developed, executed and commissioned 17 major ground-mounted projects with a total project value of more than ₹19 crore. It has also installed more than 500 solar water pumps across Haryana and the Union Territory of Jammu and Kashmir. As of the date of the RHP, the company had 58.40 MW of operational project capacity, while 52.08 MW of contracted projects were under construction and another 6.32 MW of awarded projects were under construction. Its product portfolio includes WattSun and WattEdge photovoltaic modules with capacities ranging from 325–570 Wp, supported by 25-year linear performance warranties. The company also offers on-grid inverters ranging from 1.5 kW to 110 kW, hybrid inverters, PCU/UPS products under the Hawk and Dove series, Vajra series solar tubular batteries, lithium solar energy storage systems, in-house designed solar mounting structures, solar DC/AC pumps and controllers, and aluminium rails and clamps used in solar structures. As per the RHP, Oneindig had a total order book of ₹205.75 crore. Of this, ₹56.63 crore had already been billed, while ₹148.59 crore was pending for execution. The order book includes projects related to solar plants under PPAs, solar pumps and ground-mounted EPC projects, mainly across Haryana, Rajasthan and Uttar Pradesh. Among the business verticals, B2G revenue recorded the strongest growth during this period compared with B2B and B2C. Geographically, Uttar Pradesh, Haryana and Jammu & Kashmir were the key revenue contributors, accounting for 46.1%, 26.3% and 21.1% of revenue, respectively, during the10MFY26. Its largest customer contributed 19.66% of revenue during the 10MFY26, compared with as much as 62.19% in FY25.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 03 Aug | ₹0 | ₹96 | 0 |
| 02 Aug | ₹0 | ₹96 | 0 |
| 01 Aug | ₹0 | ₹96 | 0 |
| 31 Jul | ₹0 | ₹96 | 0 |
| 30 Jul | ₹0 | ₹96 | 0 |
| 29 Jul | ₹0 | ₹96 | 0 |
| 28 Jul | ₹0 | ₹96 | 0 |
| 27 Jul | ₹0 | ₹96 | 0 |
Strengths
- Integrated solar EPC and co-development business model offering end-to-end project execution.
- Strong expertise in solar power solutions, including engineering, procurement, construction, and operations & maintenance (O&M).
- Benefits from India's growing renewable energy sector and increasing demand for solar infrastructure.
- Asset-light business model with a focus on project execution and operational efficiency.
- Experienced management team with industry expertise and established customer relationships.
- IPO proceeds will strengthen working capital, supporting future project execution and business expansion.
- Well-positioned to capitalize on government initiatives promoting clean and renewable energy.
Risks
- Working capital-intensive business requiring continuous funding for project execution.
- Revenue depends on timely execution of solar projects and customer order inflows.
- Business is exposed to changes in government policies, subsidies, and renewable energy regulations.
- Delay in project execution or customer approvals could impact revenue recognition.
- Faces intense competition from established EPC and renewable energy companies.
- Dependence on the availability and pricing of key solar equipment and raw materials.
- Business performance may be affected by fluctuations in capital expenditure in the renewable energy sector.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed30 Jul 2026Bidding starts for all investor categories
IPO Closes
Completed03 Aug 2026Last day to place your bid
Basis of Allotment
Completed04 Aug 2026Share allotment finalised
Refund Initiation
Completed05 Aug 2026Refunds credited for non-allottees
Credit to Demat
Completed05 Aug 2026Allotted shares credited to demat account
Listing on Exchange
Completed06 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 | ₹115,200 | 1 | ₹115,200 | 1 lot only |
| HNI | 2 | 2400 | ₹230,400 | 2 | ₹230,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,497,326 | 14 | 0 | 0.00x | 100% |
| NII | 15% | 449,198 | 4.2 | 673,797 | 1.50x | 66.7% |
| Retail | 35% | 1,048,128 | 9.8 | 649,839 | 0.62x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
