Oriana Power
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Aug 2023 – 03 Aug 2023
- Listing date
- 11 Aug 2023
- Face value
- ₹10 per share
- Issue price
- ₹118 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹59.66 Cr
- Market cap at offer price
- ₹226 Cr
- Promoter holding
- 83.40% → 61.41% pre-issue → post-issue
- ISIN
- INE0OUT01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Capitalventures Pvt.Ltd.
- Registered office
- Flat No.412A, Building No.43, Chiranjiv Tower, Nehru Place, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,40,000 | — | — |
| Market maker | 2,55,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 20.85 | — |
| P/E (×) | 5.66 | — |
| Market cap | — | ₹226 Cr |
Key performance indicators
- Return on net worth
- 34.10%
- PAT margin
- 9.00%
- NAV per share
- ₹47.74
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Oriana Power
Oriana Power Limited is a company incorporated on February 21, 2013 (originally as a private company, converted to public in April 2023) that specializes in providing solar energy solutions to industrial and commercial customers. The company offers low carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as off-site solar farms through open access models. Oriana operates primarily through two business segments: the CAPEX model, where customers invest in capital expenditure while Oriana handles engineering, procurement, construction, and operation of solar projects (having delivered projects exceeding 100 MWp since June 2017); and the RESCO model, operating through 18 subsidiaries on a Build-Own-Operate-Transfer basis, generating annuity income post-recovery of initial investment (currently holding a diverse portfolio exceeding 35 MWp capacity across multiple Indian states).
Company Analysis
from RHPOriana Power specializes in providing solar energy solutions to industrial and commercial customers through on-site and off-site solar projects, operating in the renewable energy and solar power sectors.
Oriana Power Limited is a company incorporated on February 21, 2013 (originally as a private company, converted to public in April 2023) that specializes in providing solar energy solutions to industrial and commercial customers. The company offers low carbon energy solutions by installing on-site solar projects such as rooftop and ground-mounted systems, as well as off-site solar farms through open access models. Oriana operates primarily through two business segments: the CAPEX model, where customers invest in capital expenditure while Oriana handles engineering, procurement, construction, and operation of solar projects (having delivered projects exceeding 100 MWp since June 2017); and the RESCO model, operating through 18 subsidiaries on a Build-Own-Operate-Transfer basis, generating annuity income post-recovery of initial investment (currently holding a diverse portfolio exceeding 35 MWp capacity across multiple Indian states).
Objects of the Issue
- Working Capital Requirements of the Company ₹2,300 Lakh p.16
- Investment in Subsidiaries Company ₹2,000 Lakh p.16
- Capital expenditure on infrastructure & technology for expansion ₹200 Lakh p.16
- General Corporate Purposes p.16
- Funding of working capital requirements ₹23.00 crore p.66
- Investment in subsidiary companies ₹20.00 crore p.68
- Capital expenditure on infrastructure & technology for expansion ₹2.00 crore p.69
- General corporate expenses p.71
Issue Structure
- Total Issue
- 50,55,600 Equity Shares aggregating to ₹[●] Lakh
- Fresh Issue
- 50,55,600 Equity Shares aggregating to ₹[●] Lakh
- Offer for Sale
- Nil
- Price Band
- ₹115 to ₹118 per Equity Share of face value of ₹10 each
- Lot Size
- 1200 Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
Oriana operates through two primary models: (1) CAPEX model - customers invest capital while Oriana provides Engineering, Procurement, Construction, and Operation services for rooftop, ground-mounted, and off-site solar farm projects; (2) RESCO model - Oriana invests and operates solar projects through subsidiaries on a BOOT (Build, Own, Operate, Transfer) basis, providing power to end consumers through 25-year Power Purchase Agreements and earning annuity income post-investment recovery.
Business Segments
SWOT Analysis
- • Diverse project portfolio with significant installed capacity(p.15)
- • Strong revenue growth trajectory(p.36)
- • Dual business model providing revenue diversification(p.15)
- • RESCO model provides annuity income stream(p.15)
- • Experienced promoter team with 15+ years in diverse sectors including solar(p.109)
- • Comprehensive EPC and RESCO service offerings with proven execution(p.74)
- • Established portfolio of 70+ projects with 100+ MW cumulative capacity across India(p.107)
- • Diversified client base including PSUs, corporations and government entities(p.93)
- • 18 operational subsidiaries for RESCO/OPEX model projects providing annuity income(p.93)
- • Strong track record of growth and profitability(p.74)
- • Long-term customer relationships with 25-year PPAs providing stable revenue(p.74)
- • Diverse subsidiary portfolio with 18 operational entities(p.126)
- • Established EPC delivery capability with 100+ MWp installed capacity(p.125)
- • RESCO model generates recurring annuity income post capital recovery(p.126)
- • Geographically diversified operational portfolio(p.126)
- • No labor disputes or strikes since incorporation(p.143)
- • No time or cost overruns on projects(p.143)
- • Diverse portfolio of operational and under-construction solar projects(p.263)
- • Significant CAPEX project delivery track record(p.263)
- • Dual business model generating recurring revenue(p.263)
- • Revenue growth of 305% year-on-year (FY2022)(p.267)
- • Substantial corporate guarantees to subsidiaries create significant financial exposure(p.21)
- • High dependency on a limited number of suppliers(p.23)
- • Significant customer concentration risk(p.25)
- • High unsecured loan exposure repayable on demand(p.23)
- • History of project delays and cost overruns(p.25)
- • Absence of registered trademark protection(p.27)
- • Non-compliance history with statutory filings(p.24)
- • Heavy dependence on few large customers concentrating revenue risk(p.112)
- • Concentration of operations in Uttar Pradesh generating 55% of revenue(p.111)
- • Small employee base of only 56 people limiting operational capacity(p.111)
- • Limited capital base requiring external financing for project execution(p.66)
- • Dependence on subsidiary companies and SPVs for RESCO business model(p.109)
- • Subsidiary companies generating losses and negative net worth(p.137)
- • Significant accumulated losses in RESCO subsidiaries(p.164)
- • Heavy dependence on subsidiary companies for RESCO model revenue(p.126)
- • Concentrated shareholding among three promoters(p.160)
- • High short-term borrowings relative to long-term structure(p.186)
- • Very minimal cash reserves(p.175)
- • Significant dependence on top 10 customers(p.269)
- • High debt-to-equity ratio of 2.21(p.271)
- • Contingent liabilities from tax demands(p.249)
- • Contingent liability from customer dispute(p.249)
- • High finance costs increased 91.46% year-on-year(p.267)
- • India's aggressive renewable energy targets driving market growth(p.15)
- • Rising energy demand and solar market expansion(p.15)
- • Achieved grid parity making solar competitive(p.15)
- • Multiple government incentive schemes to accelerate adoption(p.15)
- • India's growing position in global solar deployment(p.15)
- • India targets 280 GW solar capacity by 2030 with massive market growth ahead(p.88)
- • Government support through PLI scheme allocating Rs. 19,500 crore for solar manufacturing(p.109)
- • Renewable energy generation share projected to increase from 18% to 44% by 2029-30(p.91)
- • Geographic expansion potential across multiple Indian states and rural electrification(p.110)
- • Expansion into new technology areas including floating solar and AI-based monitoring(p.94)
- • Rising FDI inflows into Indian renewable energy sector reaching $14.5 billion in FY22(p.89)
- • Government CPSU program for 12 GW solar projects with viability gap funding(p.121)
- • IREDA tendering for 5 GW grid-connected solar projects under CPSU program(p.121)
- • State-level solar policy incentives and tax concessions(p.121)
- • Revenue growth trajectory with 31.9% YoY increase(p.176)
- • Significant profitability improvement with PAT growing 82.4% YoY(p.176)
- • Expansion of RESCO model through subsidiary network(p.263)
- • Growth in EPC contracting business(p.263)
- • Recovery-driven revenue expansion post-COVID(p.268)
- • Continued strong profit growth with 57% increase(p.267)
- • Intense competition in EPC and renewable energy sector(p.21)
- • Risk of project delays, cancellations and payment defaults from customers(p.22)
- • Dependence on favorable solar weather conditions(p.22)
- • Supply chain disruptions from import restrictions and geopolitical factors(p.23)
- • COVID-19 and pandemic-related supply chain disruptions(p.27)
- • Regulatory and policy changes affecting solar industry(p.31)
- • Natural calamities impacting operations(p.32)
- • Indian economic and political uncertainties(p.31)
- • Intense competition from established larger renewable energy players(p.87)
- • Fluctuating commodity prices including silver affecting solar module costs(p.86)
- • Dependence on government incentives and subsidies which may be withdrawn(p.94)
- • Geographic and climatic constraints limiting solar potential in certain regions(p.86)
- • Risk of regulatory changes affecting tariffs and renewable purchase obligations(p.119)
- • Global economic slowdown impacting investment and corporate capex spending(p.81)
- • Currency fluctuation risks and import dependence for solar components(p.118)
- • Renewable energy policy and regulatory changes at central and state levels(p.121)
- • Environmental and pollution control compliance requirements(p.121)
- • Complex multi-layer tax compliance (Income Tax, GST, Customs)(p.122)
- • Competition Act constraints on business combinations and anti-competitive practices(p.123)
- • Tariff capping by government agencies limiting project economics(p.121)
- • Government policy and regulatory changes affecting solar industry(p.264)
- • Market competition in solar industry(p.269)
- • Dependency on economic conditions and inflation(p.269)
- • Volatility in capital markets and foreign exchange(p.264)
- • Rising interest rates and financing costs(p.267)
- • Talent retention challenges in solar sector(p.264)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Parveen Kumar | Promoter | 27.80% | 20.47% |
| Rupal Gupta | Promoter | 27.80% | 20.47% |
| Anirudh Saraswat | Promoter | 27.80% | 20.47% |
| Mr. Anirudh Saraswat | Promoter | 8.56% | — |
| Mr. Rupal Gupta | Promoter | 8.56% | — |
| Mr. Parveen Kumar | Promoter | 8.56% | — |
| Rupal Gupta | Promoter | 29.26% | — |
| Anirudh Saraswat | Promoter | 29.26% | — |
| Parveen Kumar | Promoter | 29.26% | — |
| Parveen Kumar | Promoter | 29.26% | — |
| Rupal Gupta | Promoter | 29.26% | — |
| Anirudh Saraswat | Promoter | 29.26% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.