Investor Anil Kumar Goel-backed Noida-based start-up set to launch SME IPO by July-end

Noida-based start-up, Oriana Power—a solar energy solutions provider that develops, constructs and operates projects for industrial and commercial customers—is set to launch its initial public offering (IPO) by July-end or early August. There are expectations that the company will raise up to Rs 60 crore through this SME public offer.

Oriana Power has already generated buzz in the market after it attracted investments from well-known investors ahead of its IPO. Anil Kumar Goel, a well-known equity investor with a track record in value investing, holds a minority stake in the company. Prashant Jain who has been working with JSW Group for more than 27 years and is currently the Joint MD and CEO at JSW Energy is also one of the investors—he has invested in his personal capacity. A presentation shared by the company highlighted that Meru Cabs founder Neeraj Gupta is among its key investors.

The company was co-founded by first-generation entrepreneurs Rupal Gupta, Parveen Jangra, and Anirudh Saraswat, and it commenced operations in 2017. Oriana Power provides low-carbon energy solutions to clients through on-site solar installations (rooftop and ground-mounted) and offsite solar farms.

“The IPO proceeds will be utilised towards working capital requirement, technology upgradation, asset building,” Gupta said.

According to the Draft Red Herring Prospectus (DRHP), the promoters’ shareholding currently stands at 83.40 per cent. After the IPO, their stake in the company will reduce to 61.40.

At present, Oriana has a portfolio of more than 100 MWp capacity projects operational and under construction across India.

Per the DRHP, the company reported consolidated revenue of Rs 137.31 crore for the year ended March 31, 2023, up 9.87 per cent against Rs 124.97 crore a year ago. On the other hand, the consolidated profit after tax jumped to Rs 10.93 crore from Rs 6.94 crore, indicating a growth of 57.49 per cent YoY. The company recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify to other sources of renewable energy, beyond solar.

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