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HIMALAYAN · NSE · Power Distribution
Himalayan Solar IPO opens for subscription from 25 Sep 2026 to 29 Sep 2026. The SME IPO has a price band of ₹98-₹103 , with a face value of ₹10 per share and lot size of 1,200 shares . The IPO will list on 05 Oct 2026 on NSE.
Himalayan Solar IPO tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates.
| Event | Date |
|---|---|
| IPO Open Date | 25 Sep 2026 |
| IPO Close Date | 29 Sep 2026 |
| Basis of Allotment | 30 Sep 2026 |
| Initiation of Refunds | 01 Oct 2026 |
| Credit of Shares to Demat | 01 Oct 2026 |
| Listing Date | 05 Oct 2026 |
Issue Size
6,604,800 shares
(aggregating up to ₹68.00 Cr)
Issue Price
₹98 – ₹103
Face Value
₹10/share
Market Lot
1,200 shares
Retail Min Investment
₹247,200
Listing At
NSE
Sale Type
both
Fresh Issue
5,559,600 shares
(aggregating up to ₹57 Cr)
Offer for Sale
714,000 shares
(aggregating up to ₹7 Cr)
Reserved for Market Maker
331,200 shares
(aggregating up to ₹3.00 Cr)
Issue Type
book building
Open Date
25 Sep
Close Date
29 Sep
Allotment
30 Sep
Listing
05 Oct
Last updated: 11 hours ago
| Date | IPO Issue Price (₹) | GMP (₹) | Est. Listing Price (₹) | Est. Profit Amount (₹) | Est. Profit % | Last Updated |
|---|---|---|---|---|---|---|
| 25 Sep 2026 Latest | ₹103 | ₹0 | ₹103 | ₹0 |
0%
|
7:11 PM |
| 25 Sep 2026 | ₹103 | ₹0 | ₹103 | ₹0 |
0%
|
6:16 PM |
Showing the 2 most recent GMP entries.
View full GMP historyLatest snapshot: 25 Sep 2026
| Category | Subscribed (x) | No. of Applications |
|---|---|---|
| QIB | 0.85x | - |
| NII | 0.42x | - |
| bNII (bids above ₹10L) | 0.62x | - |
| sNII (bids below ₹10L) | 0.04x | - |
| Individual Investors | 0.51x | - |
| Total | 0.51x | - |
Showing the latest subscription snapshot.
View full subscription historyManjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh and Anita Kumari.
New to lot sizes and investment limits? Read our guide on IPO lot size and minimum investment.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹247,200 |
| Retail (Max) | 2 | 2,400 | ₹247,200 |
| S-HNI (Min) | 3 | 3,600 | ₹370,800 |
| S-HNI (Max) | 8 | 9,600 | ₹988,800 |
| B-HNI (Min) | 9 | 10,800 | ₹1,112,400 |
Want to understand how IPO shares are divided between investor categories? Read our guide on IPO reservation structure.
| Category | Shares Offered |
|---|---|
| Individual Investors Shares Offered | 3,139,200 (47.54%) |
| Market Maker Shares Offered | 331,200 (5.01%) |
| QIB Shares Offered | 1,255,200 (19.00%) |
|
•
Anchor Investor Shares Offered
|
752,400 (11.39%) |
|
•
QIB (Ex. Anchor) Shares Offered
|
502,800 (7.61%) |
| NII (HNI) Shares Offered | 1,879,200 (28.45%) |
|
•
bNII > ₹10L
|
1,252,800 (18.97%) |
|
•
sNII < ₹10L
|
626,400 (9.48%) |
| Total Shares Offered | 6,604,800 (100.00%) |
Himalayan Solar Limited was originally incorporated as Himalayan Solar Private Limited on September 8, 2015, and was converted into a public limited company on November 22, 2024. It is headquartered in Panchkula, Haryana, and works in the solar energy solutions sector.
The company provides integrated turnkey solar energy solutions, covering design, manufacturing, supply, installation and commissioning of solar products, with a primary focus on solar water pumping systems. It also offers solar inverter charge systems and solar rooftop power systems. As of March 31, 2025, the company had implementation experience covering more than 61,000 HP of solar water pumping system capacity as part of government projects in India, a figure it expected to reach 100,000 HP by the end of FY26. The company's directors include Manjeet Singh, Mehtab Singh and Himanshu Dalal.
This is an SME IPO, proposed to be listed on the NSE Emerge platform, with listing scheduled for October 5, 2026. The issue is a book-built offer of about 0.58 crore equity shares of face value Rs 10 each, comprising a fresh issue of up to 0.52 crore shares and an offer for sale of up to 0.06 crore shares, at an issue price of Rs 103 per share. Finshore Management Services Limited is the book running lead manager and Maashitla Securities Private Limited is the registrar of the issue.
Standalone · ₹ in Crores
| Particulars | FY Mar 2023 | FY Mar 2024 | FY Mar 2025 |
|---|---|---|---|
| Total Revenue | 47.62 | 138.65 | 143.14 |
| Profit After Tax (PAT) | 0.58 | 4.94 | 15.85 |
| EBITDA | 2.26 | 7.83 | 23.58 |
| Total Assets | 32.54 | 84.14 | 93.83 |
| Net Worth | 5.39 | 10.33 | 25.87 |
| Reserves & Surplus | 1.78 | 6.72 | 22.27 |
| Total Borrowing | 18.99 | 23.54 | 26.95 |
Revenue & Profit Trend
Key ratios per fiscal period
| Particulars | Mar 2026 |
|---|---|
| RoE Return on Equity Shows how much profit the company makes on the money shareholders have put in. 15% to 20% is healthy in most industries. | 56% |
| RoCE Return on Capital Employed Shows the profit earned on all the money used, shareholder funds plus loans. Matters most for factory and infrastructure heavy companies. | 35.84% |
| RoNW Return on Net Worth Shows the profit earned on the company's own net worth. Steady or rising over 3 years is a good sign. | 44.04% |
| PAT Margin Profit After Tax Margin Out of every ₹100 of sales, how much the company keeps after paying all costs, loan interest and tax. | 12.13% |
| EBITDA Margin Earnings Before Interest, Tax, Depreciation and Amortisation Margin Profit from the main business as a share of sales, before loan interest and tax. Compare it with other companies in the same industry. | 17.05% |
| Debt / Equity Debt to Equity How much the company has borrowed against what shareholders own. Above 1x means the loans are bigger than shareholder funds. | 0.77x |
| P/BV Price to Book Value Tells you if the IPO price is above what the company actually owns. 1x to 3x is usually seen as reasonable. | 3.56x |
Issue-level · at the upper price band
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS Earnings Per Share Profit the company earns on each share. Post-IPO EPS is usually lower because the issue adds new shares. | ₹9.77 | ₹7.17 |
| P/E Price to Earnings Tells you if the IPO price is fair for what the company earns. Compare it with listed companies in the same sector. | 10.54x | 14.37x |
| Market Cap Market Capitalisation What the whole company is valued at, at the upper price band. Post-IPO counts the new shares the issue creates. | ₹167 Cr | ₹228 Cr |
The basis of allotment for Himalayan Solar IPO is scheduled for 30 Sep 2026. You can check your allotment status using your PAN number or application number on the Maashitla Securities Private Limited (SEBI Reg. No.: INR000004370) portal or BSE.
The Himalayan Solar IPO is expected to open in Sep 2026, subject to SEBI approval. Final dates will be updated once announced officially.
The price band for Himalayan Solar IPO is ₹98.00 - ₹103.00 per share.
As per market sources, Himalayan Solar IPO GMP is currently ₹0.00. GMP is tracked daily in the grey market. GMP indicates unofficial demand but does not guarantee listing gains.
The subscription status for Himalayan Solar IPO stands at 0.51x overall.
The listing date for Himalayan Solar IPO is 05 Oct 2026.
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