Himalayan Solar IPO
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Himalayan Solar IPO details
Schedule of Himalayan Solar
| Issue open date | 25 Sep 2026 |
| Issue close date | 29 Sep 2026 |
| UPI mandate deadline | 29 Sep 2026 (5 PM) |
| Allotment finalization | 30 Sep 2026 |
| Refund initiation | 01 Oct 2026 |
| Share credit | 01 Oct 2026 |
| Listing date | 05 Oct 2026 |
| Mandate end date | 14 Oct 2026 |
| Lock-in end date for anchor investors (50%) | 29 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 28 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 Himalayan Solar
Himalayan Solar provides integrated turnkey solar energy solutions, specializing in the design, manufacturing, supply, installation, and commissioning of solar products, with a primary focus on Solar Water Pumping Systems. The company also offers solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As an empanelled solar partner with several state government departments in India, it generates revenue primarily through orders and government project contracts, having executed over 85,000 HP capacity of Solar Water Pumping Systems. The company operates a manufacturing facility in Karnal, Haryana, covering an area of approximately 25,000 square feet, which produces Mono PERC Solar PV Modules. It serves government departments, contractors, and private customers across India through its dealer network. The company proposes to expand and upgrade its manufacturing capacity to 160 MW per annum using issue proceeds.
Financials of Himalayan Solar
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 68.03 |
| Fresh Issue – Proceeds go to the company | 60.68 |
| Offer for sale – Proceeds go to the existing investors | 7.35 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding Capital Expenditure for manufacturing expansion |
12.98 (21.39%) |
| Repayment/pre-payment of outstanding borrowings | 2.12 (3.49%) |
| Meeting working capital requirements | 29.5 (48.62%) |
| General corporate purposes | 16.08 (26.50%) |
Strengths
- Established empanelment as a solar partner with state government departments.
- Executed over 85,000 HP capacity of solar water pumping systems.
- Integrated turnkey capability spanning design, manufacturing, supply, and installation.
- In-house facility producing high-efficiency Mono PERC solar PV modules.
- Strong pending order book position providing clear revenue visibility.
Risks
- Revenue heavily depends on a limited number of major government customers.
- Significant geographical revenue concentration in Haryana.
- Business relies on government schemes, incentives, and direct customer subsidies.
- Vulnerable to rapid technological shifts and changing module efficiency regulations.
- Past negative cash flows from operating activities.