Himalayan Solar came to market through an SME IPO that opened on 25 September 2026 and closed on 29 September 2026, and the shares listed on 5 October 2026 on the NSE. The price band was ₹98 to ₹103 per share and one lot was 1200 shares, so the minimum application was ₹1,23,600. The issue size was ₹68.03 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
It listed at ₹85, a loss of 17.5% against the issue price of ₹103. Maashitla Securities Pvt.Ltd. was the registrar to the issue, and Finshore Management Services Ltd was the lead manager.
The issue was subscribed 1.25 times overall.
Incorporated in 2015, Himalayan Solar Limited is engaged in providing integrated turnkey solar energy solutions which include designing, manufacturing, supplying, installing, and commissioning of different types of solar products, mainly Solar Water Pumping Systems. They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems. As on March 31, 2026, more than 85000 HP capacity of Solar Water Pumping Systems has been commissioned under various Government Projects in India.
As on March 31, 2026, the Polycrystalline Solar PV Modules manufacturing capacity of the company was 40 MW which equals to 1,19,000 nos. of Polycrystalline Solar PV Module and Mono PERC solar PV Modules manufacturing capacity was 60 MW which equals to 1,07,500 nos. of 555W-560W Mono PERC Solar PV Modules per year. As on July 31, 2026, the company employs 87 employees.
As described in the offer document.
Manjeet Singh, Karthiyani M, Himanshu Dalal, Mehtab Singh, Anita Kumari. Promoter holding 100% before the issue and 70.13% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
₹98 to ₹103 per share, against a face value of ₹10. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1200 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,23,600. After listing, SME shares also trade in lots rather than one share at a time.
₹1,23,600, for one lot of 1200 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 25 September 2026 and closed on 29 September 2026.
The basis of allotment was published on 30 September 2026 by Maashitla Securities Pvt.Ltd., and allotted shares were credited to demat accounts before listing.
The shares listed on 5 October 2026 on the NSE, opening at ₹85.
The issue size was ₹68.03 crore. The fresh issue was 58,90,800 shares (aggregating up to ₹60.68 crore). The offer for sale was 7,14,000 shares (aggregating up to ₹7.35 crore).
It listed at ₹85 against an issue price of ₹103, a loss of 17.5 percent on listing day.