Oriana Power, a solar energy solutions provider, on Thursday 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 of a face value of Rs 10 through the book-building route.
The company has appointed Corporate Capital Ventures Private Ltd as Lead Manager for the issue, while Skyline Financial Service Private Ltd. will be the Registrar to the issue.
As per the DRHP, the company will use issue proceeds from the IPO towards meeting its working capital requirements (Rs 23 core), investment in subsidiary companies (Rs. 20 crore), capital expenditure for expansion purposes (Rs 2 crore) and general corporate expenses.
Co-founded by first-generation entrepreneurs Rupal Gupta, Parveen Jangra and Anirudh Saraswat, Oriana commenced operations in 2017. For the year ended March 31, 2023, the company’s revenue stood at Rs. 134 crore compared to revenue of Rs. 101 crore in the same period of 2022. However, the company’s profit after tax almost doubled to Rs 12.69 crore during the year ending March 31, 2023, from Rs 6.96 crore registered in the previous fiscal year, as per the DRHP.
In May 2023, the company successfully commissioned a 2.7 MWp single rooftop solar power plant at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana, for Indian Synthetic Rubber Private Limited (ISRPL). During April 2023, the company also successfully commissioned a novel 800kW AC/1MWp DC floating solar power plant at Dabok Mines of Udaipur, Rajasthan, for Udaipur Cement Works Limited (UCWL).
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