Infrax Renewable IPO
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Infrax Renewable IPO details
Schedule of Infrax Renewable
| Issue open date | 09 Sep 2026 |
| Issue close date | 11 Sep 2026 |
| UPI mandate deadline | 11 Sep 2026 (5 PM) |
| Allotment finalization | 15 Sep 2026 |
| Refund initiation | 16 Sep 2026 |
| Share credit | 16 Sep 2026 |
| Listing date | 17 Sep 2026 |
| Mandate end date | 26 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 14 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 13 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Infrax Renewable
Infrax Renewable is engaged in the solar energy sector, providing comprehensive Engineering, Procurement, and Construction (EPC) services for rooftop and ground-mounted solar projects. The company manages the entire project lifecycle, including design, procurement, installation, and operation and maintenance. Alongside its EPC operations, Infrax generates revenue by supplying and distributing various solar products, such as photovoltaic modules and inverters. The business also operates as an Independent Power Producer, generating and selling electricity through its own solar power plant in Jasdan, Gujarat, under Power Purchase Agreements with Paschim Gujarat Vij Company. To further strengthen its supply chain and margins, the company is expanding its operations through backward integration to manufacture solar panel mounting structures and frames, alongside establishing a solar panel recycling and silver extraction facility.
Financials of Infrax Renewable
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 40.88 |
| Fresh Issue – Proceeds go to the company | 33.81 |
| Offer for sale – Proceeds go to the existing investors | 7.08 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Capital expenditure for the proposed manufacturing facility | 12.29 (36.35%) |
| Funding working capital requirements | 17 (50.28%) |
| General corporate purposes | 4.52 (13.37%) |
Strengths
- Diversified presence across solar EPC, product distribution, and IPP operations.
- Extensive market reach supported by a growing network of 2,830 local dealers.
- Solid execution pipeline backed by an active order book of 1,756 solar projects.
- Strategic expansion into in-house manufacturing of solar frames and mounting structures.
- Comprehensive capabilities for managing solar projects from initial design to final commissioning.
Risks
- High geographic concentration with 97.41% of FY26 revenue generated solely in Gujarat.
- Business viability relies heavily on continued government solar policies and subsidies.
- Dependent on limited third-party component suppliers without long-term procurement contracts.
- Lacks formalized and comprehensive contractual agreements with certain operational dealers.
- Vulnerable to project execution delays, operational hazards, and severe weather disruptions.