Himalayan Solar IPO: dates, price band, lot size and GMP
Himalayan Solar IPO listed on 5 Oct at ₹85 (NSE SME). Issue dates 25 – 29 Sep 2026, price band ₹98 – ₹103, lot 1,200 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Updated 6 Oct 2026, 14:11 IST. Dated dealer references.
BuyUnlistedShares tracks 197 IPOs on its calendar; the Himalayan Solar IPO has a price band of ₹98 – ₹103, a lot of 1,200 shares and no grey-market premium reported yet as of 06 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 25 – 29 Sep 2026 |
| Price band | ₹98 – ₹103 |
| Lot size | 1,200 shares |
| Issue size | ₹68.03 Cr |
| Fresh issue | ₹57.26 Cr |
| Offer for sale | ₹7.35 Cr |
| Subscription | 1.19x |
| Registrar | Maashitla Securities Pvt.Ltd. |
| Lead managers | Finshore Management Services Ltd. |
| Status | Listed |
Timeline
- Issue opens: 25 Sep
- Issue closes: 29 Sep
- Allotment: 30 Sep
- Refunds: 1 Oct
- Demat credit: 1 Oct
- Listing: 5 Oct
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 1.66x |
| NII | 0.94x |
| sNII | 0.29x |
| bNII | 1.27x |
| Retail | 1.26x |
| Total | 1.19x |
Last updated 29 Sep 2026, 6:56 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹227.73 Cr |
| P/E (pre-issue) | 8.08x |
| P/E (post-issue) | 11.02x |
| Fresh issue (shares) | 55,59,600 |
| Offer for sale (shares) | 7,14,000 |
| Total shares offered | 62,73,600 |
| Promoter holding pre-issue | 100% |
| Promoter holding post-issue | 70.13% |
| Promoters | Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari |
| Lead managers | Finshore Management Services Ltd. |
| Registrar phone | 011-45121795 |
| Registrar email | ipo@maashitla.com |
| Company website | himalayansolar.co.in |
| Anchor bid date | 24 Sep 2026 |
| Anchor lock-in ends (50%) | 30 Oct 2026 |
| Anchor lock-in ends (remaining) | 29 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 2,400 | ₹2,47,200 |
| Retail (maximum) | 2 | 2,400 | ₹2,47,200 |
| sNII (minimum) | 3 | 3,600 | ₹2,47,200 |
| bNII (minimum) | 3 | 3,600 | ₹11,12,400 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 12% | 7,52,400 | |
| QIB | 8% | 5,02,800 | Not more than 20.01% of the Net Offer |
| NII (HNI) | 30% | 18,79,200 | Not less than 29.95% of the Net Offer |
| sNII | 10% | 6,26,400 | |
| bNII | 20% | 12,52,800 | |
| Retail | 50% | 31,39,200 | Not less than 50.04% of the Net Offer |
| Market Maker | 5.3% | 3,31,200 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 25 Sep | 0.85x | 0.42x | 0.04x | 0.62x | 0.51x | 0.51x |
| Day 2 · 28 Sep | 1.58x | 0.42x | 0.05x | 0.62x | 0.84x | 0.71x |
| Day 3 · 29 Sep | 1.66x | 0.94x | 0.29x | 1.27x | 1.26x | 1.19x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹12.74 |
|---|---|
| EPS (post-issue) | ₹9.35 |
| P/E (pre-issue) | 8.08x |
| P/E (post-issue) | 11.02x |
| RoNW | 44.04% |
| RoCE | 35.84% |
| RoE | 56% |
| PAT margin | 12.13% |
| EBITDA margin | 17.05% |
| Price / book | 3.56x |
| NAV per share | ₹28.93 |
| Debt / equity | 0.77 |
| Market cap (upper band) | ₹227.73 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 158.22 | 93.82 | 84.14 | +68.6% |
| Total Income | 171.69 | 143.14 | 138.65 | +19.9% |
| Profit After Tax | 20.67 | 16.43 | 4.95 | +25.8% |
| EBITDA | 29.04 | 23.58 | 7.83 | +23.2% |
| NET Worth | 46.93 | 26.46 | 10.33 | +77.4% |
| Reserves and Surplus | 30.71 | 22.85 | 6.73 | +34.4% |
| Total Borrowing | 36.12 | 26.95 | 23.54 | +34% |
About Himalayan Solar
Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems.
They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.
As on March 31, 2025, they have a qualitative experience in implementation of more than 61000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India and this quantity will further increase to 100000 HP by end of FY 2025-26.
As on August 31, 2025, the Company have employed 64 employees.
Objects of the issue
- Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility. — ₹12.98 Cr
- Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company. — ₹2.12 Cr
- To meet working capital requirements — ₹29.5 Cr
- General Corporate Expenses — ₹8.12 Cr
- Issue Expenses — ₹7.95 Cr
Net proceeds: ₹60.68 Cr
Peer comparison
| Company | EPS (Basic) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|
| Himalayan Solar Ltd. (issuer) | 12.74 | 28.93 | — | 44.04% | — | Consolidated |
| Ganesh Green Bharat Ltd. | 30.31 | 113.02 | 7.11x | 26.82% | 1.9 | Consolidated |
| Solarium Green Energy Ltd. | 9.81 | 77.93 | 14.99x | 12.58% | 1.91 | Consolidated |
| Australian Premium Solar (india) Ltd. | 28.7 | 81.44 | 8.34x | 35.24% | 2.95 | Consolidated |
Notes: CMP as on 11/09/2026 on NSE for Peer Group and IPO price for Issuer Company.
Strengths (per the offer document)
- Experienced Solar PV Module Manufacturer — Our company was also ranked in the top 10 Solar PV Modules Manufacturers in 2021 recognized by Industry Outlook magazine.
- Experienced Promoters backed by a strong management team — Our Company is led by an experienced and visionary leadership team.
- Strong Presence in Government-Focused Renewable Energy Projects Across Multiple States — Our Company has established a robust track record in executing government-backed renewable energy projects across various Indian states, including Haryana, Rajasthan, Punjab, Maharashtra etc.
- Strong relationship with customers and suppliers — We focus on maintaining long term business relations with our customers.
- Strong Order Book — In the renewable energy EPC industry, a strong Order Book is a critical indicator of future revenue and business sustainability.
Risk factors (as disclosed by the company)
- Our Company is dependent on a few customers for sales. Loss of any of these large customers may affect our revenues and profitability — Our business is dependent on a few customers and the loss of, or a significant reduction in orders by such customers could adversely affect our business.
- We highly depend on our major raw materials and a few key suppliers who help us procure the same — Our top 10 suppliers contribute majority of our supplies.
- The majority of our state- wise revenues from operations for the last 3 years are dependent mainly on Haryana — Our domestic sales are majorly dependent on Haryana i.e., 86.15%, 88.93%, 89.20% of our revenues for the year ended March 31, 2025, 2024 and 2023 respectively.
- Potential Adverse Impact on Business Operations Due to Obsolescence of Existing Manufacturing Facility and Risks Associated with Relocation and Commissioning… — The Company’s existing manufacturing facility located at Plot No.
- We have certain contingent liabilities, which, if materialized, may affect our financial condition and results of operations — A summary of our contingent liabilities, as indicated in our Restated Financial Statements is as follows: Particulars March 31, 2025 March 31, 2024 March 31, 2023 other money for which the company…
- There has been an instance of non-compliance for failure to open a separate bank account for the receipt of share application money in compliance with Section… — In order to meet our capital requirements, our Company has raised funds through the issuance of equity shares to existing shareholders by way of preferential allotment through private placement…
- With the proceeds of the IPO — We plan to utilize a portion of the proceeds from this Issue to further expand and upgrade our manufacturing facility to 160 MW by acquiring additional machinery with an installed capacity of 100 MW…
- Our business operations may face less sales in unfavourable solar weather conditions could have a material adverse effect on our business — In the solar industry, the demand for Solar PV Modules in the market is often hampered by unfavourable weather conditions.
From the DRHP (strengths pages 145–146, risk factors pages 27–31). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Himalayan Solar IPO GMP today and trend
- Himalayan Solar IPO subscription status, day by day
- Himalayan Solar IPO allotment status and how to check
Frequently asked questions
When does the Himalayan Solar IPO open and close?
The issue is scheduled for 25 – 29 Sep 2026.
What is the Himalayan Solar IPO price band?
The price band is ₹98 – ₹103 per share with a lot size of 1,200 shares.
How big is the Himalayan Solar IPO?
The total issue size is ₹68.03 Cr, of which ₹57.26 Cr is a fresh issue and ₹7.35 Cr an offer for sale.
When will Himalayan Solar list?
The tentative listing date is 5 Oct on the SME platform.
How do I apply for the Himalayan Solar IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Himalayan Solar · as filed with SEBI · nsearchives.nseindia.com
- Red herring prospectus (RHP), Himalayan Solar · as filed · nsearchives.nseindia.com
- Registrar allotment page, Maashitla Securities Pvt.Ltd. · allotment 30 Sep · maashitla.com
- NSE public issues page · listing 5 Oct · nseindia.com
- Himalayan Solar company website · himalayansolar.co.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 5 Oct, 04:05 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Himalayan Solar IPO”, https://buyunlistedshares.com/ipo/himalayan-solar-ipo, as of 06 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk: the unlisted and pre-IPO dealing desk of Gayatri Financial Synergy, Faridabad, in the market since 2002. Reviewed by the BuyUnlistedShares desk before publishing. Data as of 06 Oct 2026.
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