In its statement, the company said, Chennai-based Anil Kumar Goel, well-known for his sterling value-investing track record in sugar and textile stocks, led the pre-IPO round. Tikri Investments, the personal fund of JSW veteran Prashant Jain, also picked up a minority stake in the pre-IPO round. Meru’s founder Neeraj Gupta, the pioneer in the app-based taxi ecosystem and now a serial investor and advisor, also invested in his personal capacity.

While other investors, including Jaipur-based renowned long-only veteran Manoj Agarwal and Amit Kumar, founder of MSMEx, India’s largest Live Online Coaching and Handholding platform for MSME business owners, also participated in the round.

The company recently filed its draft prospectus for initial public offering (IPO). Post the public offer, Oriana Power will list on NSE Emerge. The IPO comprises the issue of 50.55 lakh Equity Shares (Face Value ₹10 per share) through the book-building route.

Among India’s fastest-growing solar energy solution providers, Oriana Power will utilize issue proceeds from the IPO towards meeting its working capital requirements ( ₹23 crore), investment in subsidiary companies ( ₹20 crore), capital expenditure for expansion purposes ( ₹2 crore) and general corporate expenses.

The company appointed Corporate CapitalVentures Private Ltd as Lead Manager for the issue, while Skyline Financial Service Private Ltd. will be the Registrar of the issue.

Founded by entrepreneurs Anirudh Saraswat, Rupal Gupta, and Parveen Kumar Jangra, Oriana Power commenced operations in 2017.

According to the DRHP, the three promoters currently hold 83.40% of the company. Post issue, the promoters’ stake would stand reduced to 61.41% in the company.

Recently, the company introduced TrueRE as its corporate brand, highlighting the intent to further diversify into other renewable energy avenues – beyond solar.

Also, in May this year, 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).

By the end of FY23, the company’s revenue stood at ₹134 crore compared to revenue of ₹101 crore in the same period of 2022. However, the company’s profit after tax almost doubled to ₹12.69 crore during the year ending March 31, 2023, from ₹6.96 crore registered in the previous fiscal year, as per the DRHP.

Oriana Power is a company that specializes in providing solar energy solutions to industrial and commercial customers. The company offers low-carbon energy solutions by installing on-site solar projects such as rooftops, ground-mounted systems, and off-site solar farms, i.e., Open access. Its business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO).

Updated: 11 Jul 2023, 05:31 PM IST