Summary
The Infrax Renewable IPO is an SME fixed-price IPO, scheduled to open on 9 September 2026 and close on 11 September 2026.
The share issue price is fixed at ₹104 per share, with a minimum application of 2 lots (2,400 shares).
The company plans to list its shares on the BSE, with tentative listing scheduled for 17 September 2026.
The Infrax Renewable IPO is set to open for subscription on 9 September 2026 and close on 11 September 2026. This SME fixed-price issue is priced at ₹104 per share and will be listed on the BSE SME platform. The IPO is issuing 32,50,800 fresh shares and 6,80,400 shares for sale, with a total of ₹40.88 crores. The minimum investment required is 2 lots or 2,400 shares (₹2,40,600).
Infrax Renewable IPO Key Details
The table below presents the essential details investors should know before applying for the Infrax Renewable IPO.
| IPO Open Date | 9 September 2026 |
| Close Date | 11 September 2026 |
| Face value | ₹10 per share |
| Issue Price | ₹104 per share |
| IPO Lot Size | 1,200 shares |
| Fresh issue | 32,50,800 shares (₹3,380.83 lakhs) |
| Offer for Sale | 6,80,400 shares (₹707.62 lakhs) |
| Type of issue | Fixed Price IPO |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | ₹40.88 crores |
| Minimum Investment | 2 lots (2,400 shares) |
Infrax Renewable IPO Timeline
Below is the complete schedule of events for the Infrax Renewable IPO.
| Bid Opening | 9 September 2026 |
| Bid Closing | 11 September 2026 |
| Tentative Allotment | 15 September 2026 |
| Initiation of Refunds | 16 September 2026 |
| Credit of Shares to Demat | 16 September 2026 |
| Tentative Listing Date | 17 September 2026 |
| UPI mandate closing date | 11 September 2026 |
Key Performance Indicators of Infrax Renewable IPO
These financial ratios highlight the company’s profitability, capital efficiency, and overall financial performance over the past three financial years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (%) | 115.54 | 173.39 | 96.15 |
| ROCE (%) | 63.89 | 91.39 | 125.59 |
| Debt Equity (in times) | 0.44 | 1.60 | – |
| RoNW (%) | 64.68 | 151.20 | 68.24 |
| PAT Margin (%) | 10.94 | 9.36 | 9.92 |
| EBITDA margin (%) | 15.62 | 14.78 | 18.22 |
| Price to book | – | – | – |
Infrax Renewable IPO Financial Details
The Financial information of the Infrax Renewable IPO is as follows.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 9,321.49 | 3,046.86 | 965.24 |
| Total Asset | 3,152.72 | 823.60 | 439.98 |
| Profit | 1,020.14 | 285.18 | 95.76 |
(Amount in ₹ Lakhs)
Infrax Renewable IPO Subscription Status
| Date | NII* | Individual Investors | Total |
|---|---|---|---|
| Sep 9 (Day 1) | 0.01 | 0.16 | 0.08 |
| Sep 10 (Day 2) | 0.02 | 0.29 | 0.16 |
Infrax Renewable IPO Grey Market Premium (GMP)
The current status of the Grey Market Premium for the Infrax Renewable IPO shows a GMP of ₹0.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 10-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 10-Sep-2026 12:29 |
| 09-09-2026 Open | ₹0 ─ | ₹104 (0.00%) | ₹0 | 9-Sep-2026 23:37 |
| 08-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 8-Sep-2026 23:28 |
| 07-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 7-Sep-2026 23:33 |
| 06-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 6-Sep-2026 23:32 |
| 05-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 5-Sep-2026 23:28 |
| 04-09-2026 | ₹0 ─ | ₹104 (0.00%) | ₹0 | 4-Sep-2026 23:34 |
GMP is the premium value of the share in the unofficial market before it opens for subscription.
Infrax Renewable IPO Reservation
The following table shows the distribution of shares reserved for retail investors, QIBs, and NIIs under the IPO.
| Investor Category | Offered No. of Shares | Net issue (%) | Total issue(%) |
| Market maker | 1,99,200 | 5.07 | |
| NIIs | 18,81,600 | 50.42 | 47.86 |
| Retails | 18,50,400 | 49.58 | 47.07 |
| Total | 39,31,200 | 100% | 100% |
Infrax Renewable IPO Lot Sizes
Refer to the minimum and maximum investment requirements for each investor category as per the prescribed lot size.
| Application | Lot | Shares | Amount in ₹ |
| Individual Investor IND (Min) | 2 | 2,400 | 2,49,600 |
| Individual Investor IND (Max) | 2 | 2,400 | 2,49,600 |
| HNI (Min) | 3 | 3,600 | 3,74,400 |
Infrax Renewable IPO Prospectus
Investors can access the offered prospectus for the Infrax Renewable IPO mentioned below.
About Infrax Renewable Ltd.
Infrax Renewable Ltd. operates in the solar energy sector and provides end-to-end Engineering, Procurement and Construction (EPC) solutions for rooftop and ground-mounted solar projects. Its services cover project design, engineering, procurement, installation, testing, commissioning and operation and maintenance. The company also distributes solar PV modules, inverters and related products through its dealer network.
In addition, Infrax Renewable has entered the Independent Power Producer (IPP) segment through its solar power generation operations under a power purchase agreement. The company has warehouses in Rajkot, Ahmedabad and Kanpur and has expanded its presence through branches across multiple states. It is also empanelled as a national vendor under government-supported solar programmes, including the PM Surya Ghar: Muft Bijli Yojana.
Promoters:
- Bhargv Ashvinbhai Vachhani
- Gandhi Bhavik Tarunkumar
- Khushboo Bhargav Vachhani
| Book Runner | Smart Horizon Capital Advisors Pvt. Ltd. |
| Issue Registrar | Bigshare Services Pvt. Ltd. |
Purpose of Infrax Renewable IPO
The company intends to deploy the funds raised through this public issue toward specific operational and strategic goals, as detailed in the table below.
| Particulars | Est. Amount in ₹ Crores |
| For purchasing machinery and equipment for manufacturing facility | 12.29 |
| For working capital | 17.00 |
| General Corporate Purposes | 2.03 |
| Total | 31.32 |
Infrax Renewable Ltd.- Strengths and benefits
- End-to-end solar EPC capabilities: The company provides a complete range of services for solar projects, from design and engineering to installation, commissioning and maintenance. Its experience across rooftop and ground-mounted projects supports its execution capabilities.
- Government scheme participation: Infrax Renewable is empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana, which could provide opportunities in India’s expanding rooftop solar market.
- Diversified business model: Apart from EPC services, the company distributes solar modules and inverters and has also entered the IPP segment. This gives Infrax Renewable exposure to multiple areas of the solar value chain.
Infrax Renewable Ltd- Risks and limitations
- Limited operating history as a company: Infrax Renewable was recently converted from its earlier partnership structure into a company. This gives investors a relatively shorter corporate operating history to assess.
- Supplier concentration: The company depends on suppliers for solar equipment and other materials. Disruptions in supply, price increases or dependence on a limited number of suppliers could affect margins and project execution.
- Dependence on government policies: Demand for solar installations can be influenced by government subsidies, incentives and renewable energy policies. Changes or reductions in such support could affect demand.
Infrax Renewable IPO Review
The Infrax Renewable IPO is an SME fixed-price IPO issuing a total of 39,31,200 shares, which is scheduled to open on 9 September 2026 and close on 11 September 2026. The shares are priced at ₹104 each, and investors need to apply for a minimum of two lots, comprising 2,400 shares, requiring an investment of ₹2,49,600. The IPO consists of a fresh issue of 32,50,800 shares worth approximately ₹33.81 crore and an Offer for Sale of 6,80,400 shares worth around ₹7.07 crore.
The current GMP is ₹0, indicating no premium over the issue price in the unofficial market at the latest update. However, GMP is unofficial and should not be considered a reliable indicator of the company’s listing or long-term performance.
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Infrax Renewable IPO FAQs
The Infrax Renewable IPO is an SME fixed-price public issue through which the company plans to raise approximately ₹40.88 crore.
Investors can apply for the IPO through their broker or bank using the ASBA facility and UPI, subject to the applicable IPO application process.
The IPO has both potential strengths and risks. Investors should consider the company’s financial growth, solar sector opportunities, business model, geographical concentration and other risk factors before investing.
The Infrax Renewable IPO will open for subscription on 9 September 2026 and close on 11 September 2026.
The IPO lot size is 1,200 shares. The minimum application is two lots, or 2,400 shares.
The tentative share allotment date for the Infrax Renewable IPO is 15 September 2026.
The tentative listing date of the Infrax Renewable IPO is 17 September 2026 on the BSE SME platform.
