
Oriana Power made a stellar debut on the NSE on Friday after its shares closed at a premium of around 169 per cent at Rs 317.10 apiece against an issue price of Rs 118. The scrip got listed at a price of Rs 302 and scaled an intraday high and low of Rs 317.10 and Rs 286.90, respectively.
Incorporated in 2013, Oriana Power provides solar energy solutions to industrial and commercial customers. It aims to offer high-quality solar energy solutions such that individuals and organisations can use sustainable and renewable energy sources for a better future.
The Noida-headquartered company will utilise the net proceeds from the issue to enhance its working capital requirements, Investments in subsidiaries and capital expenditure. Corporate Capital Ventures was the lead manager of the issue, while Skyline Finance Services was appointed registrar of the issue.
Earlier, the SME IPO opened for subscription on August 1 and closed on August 3. The quota reserve for qualified institutional bidders (QIBs) got subscribed 72.16 times, while the portion reserved for non-institutional investors (NIIs) and retail investors were booked 251.744 times and 204.04 times, respectively.
The company’s anchor portion comprising 14,40,000 shares was fully subscribed at the higher price band of Rs 118 per equity share. The total amount raised from the anchor investor portion stood at over Rs 16.99 crore.
Morgan Stanley Asia (Singapore) was allocated 212,400 shares, followed by India Ahead Venture Fund – Abakkus Investment Manager (208,800 shares), Aryabhata Global Assets Funds ICAV-Aryabhata India (85,200 shares), Rajasthan Global Securities Pvt Ltd (344,400 shares), Meru Investments Fund PCC Cell-1 (170,400 shares) and LRSD Securities Pvt Ltd (418,800 shares) of the Anchor portion
In the recently concluded pre-IPO round, several reputed investors including Chennai-based Anil Kumar Goel, JSW Energy’s Prashant Jain, Meru’s founder Neeraj Gupta, Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar participated in the offering.