Infrax Renewable IPO: dates, price band, lot size and GMP
Infrax Renewable IPO listed on 17 Sep at ₹104 (BSE SME). Issue dates 9 – 11 Sep 2026, price band ₹104, lot 1,200 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Infrax Renewable listed on 17 Sep 2026 on BSE SME at ₹104, ₹0 (0.0%) against the ₹104 upper band. Infrax Renewable IPO listing date, price and gain · Recently listed IPOs
Updated 19 Oct 2026, 16:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 209 IPOs on its calendar; the Infrax Renewable IPO has a price band of ₹104, a lot of 1,200 shares and no grey-market premium reported yet as of 19 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 9 – 11 Sep 2026 |
| Price band | ₹104 |
| Lot size | 1,200 shares |
| Issue size | ₹40.88 Cr |
| Fresh issue | ₹31.74 Cr |
| Offer for sale | ₹7.08 Cr |
| Subscription | 2.05x |
| Registrar | Bigshare Services Pvt.Ltd. |
| Lead managers | Smart Horizon Capital Advisors Pvt.Ltd. |
| Status | Listed |
Timeline
- Issue opens: 9 Sep
- Issue closes: 11 Sep
- Allotment: 15 Sep
- Refunds: 16 Sep
- Demat credit: 16 Sep
- Listing: 17 Sep
Live subscription
| Category | Subscribed |
|---|---|
| NII | 1.39x |
| Retail | 1.9x |
| Total | 2.05x |
Last updated 11 Sep 2026, 6:53 PM IST.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Fixed Price Issue |
| Listing at | BSE SME |
| Market cap at the upper band | ₹148.05 Cr |
| P/E (pre-issue) | 11.19x |
| P/E (post-issue) | 14.5x |
| Fresh issue (shares) | 30,51,600 |
| Offer for sale (shares) | 6,80,400 |
| Total shares offered | 37,32,000 |
| Promoter holding pre-issue | 70.64% |
| Promoter holding post-issue | 49.73% |
| Promoters | Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani |
| Lead managers | Smart Horizon Capital Advisors Pvt.Ltd. |
| Registrar phone | 8657578989/8069219065/8069219060 |
| Registrar email | ipo@bigshareonline.com |
| Company website | infraxrenewable.com |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 1,200 | ₹2,49,600 |
| Retail (maximum) | 2 | 2,400 | ₹2,49,600 |
| sNII (minimum) | 3 | 3,600 | ₹2,49,600 |
| bNII (minimum) | 3 | 3,600 | ₹11,23,200 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| NII (HNI) | 49.6% | 18,50,400 | Not less than 50% of the Net Offer |
| Retail | 50.4% | 18,81,600 | Not less than 50% of the Net Offer |
| Market Maker | 5.3% | 1,99,200 |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 9 Sep | — | 0.01x | — | — | 0.16x | 0.08x |
| Day 2 · 10 Sep | — | 0.03x | — | — | 0.39x | 0.21x |
| Day 3 · 11 Sep | — | 1.39x | — | — | 1.90x | 2.05x |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹9.29 |
|---|---|
| EPS (post-issue) | ₹7.17 |
| P/E (pre-issue) | 11.19x |
| P/E (post-issue) | 14.5x |
| RoNW | 64.68% |
| RoCE | 63.89% |
| RoE | 115.54% |
| PAT margin | 10.94% |
| EBITDA margin | 15.62% |
| Price / book | 6.59x |
| NAV per share | ₹15.77 |
| Debt / equity | 0.44 |
| Market cap (upper band) | ₹148.05 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 31.53 | 8.24 | 4.4 | +282.6% |
| Total Income | 93.33 | 30.48 | 9.66 | +206.2% |
| Profit After Tax | 10.2 | 2.85 | 0.96 | +257.9% |
| EBITDA | 14.56 | 4.5 | 1.76 | +223.6% |
| NET Worth | 15.77 | 1.89 | 1.4 | ×8.3 |
| Reserves and Surplus | 14.52 | 0.89 | — | — |
| Total Borrowing | 6.99 | 3.02 | — | +131.5% |
About Infrax Renewable
INFRAX RENEWABLE LIMITED , incorporated on April 27, 2019, operates in the renewable energy sector, providing solar Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar projects. The company also supplies and distributes Solar PV modules, Solar PV inverters, and related solar products . The company is also engaged in Independent Power Producer (IPP) activities through Power Purchase Agreements (PPAs) with Paschim Gujarat Vij Company Limited (PGVCL) . A solar power plant has been established at Bhadla (Jasdan), Gujarat , for the generation and sale of electricity to PGVCL.
Raw materials and components are procured from domestic suppliers across Gujarat, Madhya Pradesh, Rajasthan, Telangana, Maharashtra, and Uttar Pradesh , based on project specifications, technical requirements, and commercial considerations.
Objects of the issue
- Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility — ₹12.29 Cr
- Funding working capital requirements of the Company — ₹17 Cr
- General corporate purposes — ₹2.03 Cr
- Issue Expenses — ₹3 Cr
Net proceeds: ₹34.33 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Infrax Renewable Ltd. (issuer) | 10.86 | 10.86 | 15.77 | 9.58x | 64.68% | 6.93 | Restated |
| Acme Solar Holdings Ltd | 8.24 | 8.16 | 83.63 | 49.25x | 9.84% | 4.83 | — |
| Alpex Solar Limited | 80.52 | 80.52 | 219.94 | 10.9x | 35.87% | 4 | — |
| Solarium Green Energy Ltd | 9.81 | 9.76 | 77.93 | 15.78x | 12.58% | 2 | — |
Notes: The figures for the company are based on Restated Financial Statements for the year ended March 31, 2026. P/E Ratio has been computed based on their respective closing market price on September 03, 2026, as divided by the diluted EPS as on March 31, 2026
Offer documents: DRHP (PDF)
Track this issue
- Infrax Renewable IPO listing day: listed at ₹104 (0.0% vs the upper band), 17 Sep 2026
- Infrax Renewable IPO GMP today and trend
- Infrax Renewable IPO subscription status, day by day
- Infrax Renewable IPO allotment status and how to check
Frequently asked questions
When does the Infrax Renewable IPO open and close?
The issue is scheduled for 9 – 11 Sep 2026.
What is the Infrax Renewable IPO price band?
The price band is ₹104 per share with a lot size of 1,200 shares.
How big is the Infrax Renewable IPO?
The total issue size is ₹40.88 Cr, of which ₹31.74 Cr is a fresh issue and ₹7.08 Cr an offer for sale.
When will Infrax Renewable list?
The tentative listing date is 17 Sep on the SME platform.
How do I apply for the Infrax Renewable 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), Infrax Renewable · as filed with SEBI · bsesme.com
- Registrar allotment page, Bigshare Services Pvt.Ltd. · allotment 15 Sep · ipo.bigshareonline.com
- BSE SME issues page · listing 17 Sep · bsesme.com
- Infrax Renewable company website · infraxrenewable.com
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 17 Sep, 04:01 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Infrax Renewable IPO”, https://buyunlistedshares.com/ipo/infrax-renewable-ipo, as of 19 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 19 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
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- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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