Oriana Power plans to use the proceeds from the IPO for working capital needs and investments in subsidiaries

NEW DELHI: Oriana Power, a solar power solutions provider, intends to use the proceeds from its initial public offering (IPO) to meet its working capital needs and invest in its subsidiaries, according to Red Herring’s draft prospectus submitted to NSE Emerge .

NEW DELHI: Oriana Power, a solar power solutions provider, intends to use the proceeds from its initial public offering (IPO) to meet its working capital needs and invest in its subsidiaries, according to Red Herring’s draft prospectus submitted to NSE Emerge .

In its draft Red Herring prospectus submitted to NSE Emerge, the company said it would make use of it ₹23 crore for working capital requirements, ₹20 cr for investments in subsidiaries and ₹2 crore for expansion investments.

In its draft Red Herring prospectus submitted to NSE Emerge, the company said it would make use of it ₹23 crore for working capital requirements, ₹20 cr for investments in subsidiaries and ₹2 crore for expansion investments.

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The company proposes to issue 50.55 lakh shares with a par value of ₹10 through the bookbuilding route.

Oriana was co-founded by Rupal Gupta, Parveen Jangra and Anirudh Saraswat and started operations in 2017. In fiscal 23, net profit was at ₹12.69 crore compared to from ₹According to DRHP, 6.96 crore was registered in the previous financial year.

Oriana Power, a specialist in solar energy solutions for industrial and commercial customers, focuses on providing low-carbon energy solutions. The company achieves this through the implementation of on-site solar projects, including rooftop and ground-mounted systems, as well as off-site solar parks. The Company primarily operates through two distinct segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO).

In May 2023, the Company commissioned a single 2.7 MWp rooftop solar power plant for Indian Synthetic Rubber Private Limited (ISRPL) at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana. In April 2023, the Company also commissioned a novel 800 kW AC/1 MWp DC floating solar power plant at Dabok Mines in Udaipur, Rajasthan for Udaipur Cement Works Limited (UCWL).

Oriana had diversified into new avenues such as BESS and Hydrogen Electrolyser to make this perennial energy source with minimal CO2 emissions affordable for the masses.