Oriana Power files draft papers for IPO with NSE Emerge

The C&I solar developer will use the net proceeds from the IPO towards meeting its working capital requirements, investment in subsidiary companies, capital expenditure for expansion purposes, and general corporate expenses.

June 22, 2023 Uma Gupta

Image: Dennis Schroeder/ NREL

Noida-based corporate solar developer Oriana Power today announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO comprises the issue of 50.55 lakh equity shares at a face value of INR 10 each through the book-building route.

Oriana has appointed Corporate Capital Ventures as the lead manager for the issue, while Skyline Financial Service will be the registrar for the issue.

As per the DRHP, the company will utilize issue proceeds from the IPO towards meeting its working capital requirements (INR 23 crore), investment in subsidiary companies (INR 20 crore), capital expenditure for expansion purposes (INR 2 crore), and general corporate expenses.

Oriana’s revenue for the year ended March 31, 2023, stood at INR 134 crore compared to INR 101 crore in FY 2022. Profit after tax almost doubled to INR 12.69 crore from INR 6.96 crore in the previous fiscal year.

Oriana Power provides on-site and off-site solar energy solutions to industrial and commercial customers. Presently, it possesses and manages a project portfolio of more than 100 MWp, which are operational and under construction across India with a global presence in countries such as Kenya and South Africa. Oriana has also diversified in new avenues such as battery energy storage systems (BESS) and hydrogen electrolyzers.

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