Infrax Renewable Limited
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The public market debut of Infrax Renewable Limited's was completed on Sep 17, 2026 with its listing on the BSE exchange. The IPO process raised 39,31,200 Shares in total capital, consisting of 32,50,800 Shares in new equity and ₹7.08 Cr in existing share sales through the OFS route.
The offering featured a price range of ₹104 to ₹104 and minimum application size of 1200 shares. Investor response during the subscription period from Sep 09, 2026 to Sep 11, 2026 influenced the final allotment ratios across investor categories.
Final allotment was announced on Sep 15, 2026, distributing shares to successful subscribers. The listing established a continuous market for the company's shares, enabling liquidity, valuation transparency, and broader investor participation.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Infrax Renewable Limited, incorporated in September 2024, is a solar energy company providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The Company also supplies solar PV modules, inverters and other related equipment and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL. Its end-to-end services cover project design, engineering, procurement, installation, testing, commissioning and operation & maintenance (O&M). Infrax serves residential, commercial and industrial customers through a wide dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. The Company operates warehouses in Rajkot, Ahmedabad and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh and Uttar Pradesh, serving customers across multiple states. It is ISO 9001:2015 certified and plans to expand its backward integration through in-house facilities for solar panel recycling and silver extraction, solar mounting structures and solar frame manufacturing. As of March 31, 2026, Infrax Renewable had 52 permanent employees across various functions including sales, technical services, finance, project design, HR, material handling and management.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Established Solar EPC Track Record: The company provides end-to-end solar EPC solutions, covering design, procurement, construction, testing, commissioning and O&M for rooftop and ground-mounted solar projects.
- Strong Customer Relationships: A strong customer base, supported by dealers and third-party partners, helps generate repeat business. Timely delivery and quality services have helped build long-term customer relationships.
- Financial Stability through IPP Model: The IPP model under Power Purchase Agreements (PPAs) provides stable, long-term revenue. Selling electricity directly to the government supports consistent cash flows and financial stability.
- Dependence on Government Policies & Subsidies: The company relies on government policies, subsidies and incentives to support solar adoption. Any reduction, delay or adverse change in these measures could affect demand, profitability and cash flows.
- Dependence on Dealers: Dealers play an important role in generating leads, acquiring customers and driving sales. Any decline in business from key dealers could negatively affect revenue and overall performance.
- Dependence on Rented Premises: The company operates its registered office and warehouses from rented properties. Non-renewal or termination of rental agreements could require relocation and may cause temporary disruption to business operations.
- Bhargv Ashvinbhai Vachhani
- Gandhi Bhavik Tarunkumar
- Khushboo Bhargav Vachhani
Infrax Renewable Limited
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