Infrax Renewable came to market through an SME IPO that opened on 9 September 2026 and closed on 11 September 2026, and the shares listed on 17 September 2026 on BSE SME. The price band was ₹104 per share and one lot was 1200 shares, so the minimum application was ₹1,24,800. The issue size was ₹40.88 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
It listed at ₹104, flat against the issue price of ₹104. Bigshare Services Pvt.Ltd was the registrar to the issue, and Smart Horizon Capital Advisors Pvt.Ltd was the lead manager.
As of 11 September 2026.
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Overall the issue was subscribed 2.10 times.
Incorporated in September 2024, Infrax Renewable Limited is a company involved in offering solar power solutions through the provision of EPC solutions for rooftop and ground-mounted solar power plants. Additionally, they manufacture various solar components such as PV modules, inverters and other solar equipment and function as an IPP via their own solar power plant located in Gujarat operating under a PPA with PGVCL. Business operations:EPC Solutions:
They offer end-to-end solar EPC solutions which include designing and engineering, procurement, installation, testing and commissioning, operation and maintenance and regulatory support services. Our projects include rooftop solar projects for individual customers and ground-mounted projects for business clients. Independent Power Producer (IPP): They are an independent power producer by producing electricity and selling it to Paschim Gujarat Vij Company Limited (PGVCL) under a 25 years power purchase agreement.
In 2026, our 1.2MW solar power plant was commissioned at Bhadla, Jasdan, Rajkot, Gujarat. Solar Product Sales They also provide a variety of solar products like Solar PV Modules, Solar PV Inverters, and other solar products. Our PV Modules come from domestic and international sources in both polycrystalline and monocrystalline variants. The company provide complete solar solutions to our clients with services ranging from project conceptualization, engineering, procurement, installation, testing, commissioning, and O&M services.
We cater to customers in residential, commercial, and industrial segments with a wide network of dealers and have been empaneled as a national vendor for the scheme of PM Surya Ghar: Muft Bijli Yojana. Infrax has operations in warehouses located in Rajkot, Ahmedabad, and Kanpur, as well as branch offices in Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh. As on March 31, 2026, the team strength was 52 members.
As described in the offer document.
| Metric | 31-Mar-26 | 31-Mar-25 | 31-Mar-24 |
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Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar, Khushboo Bhargav Vachhani. Promoter holding 70.64% before the issue and 49.73% 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.
Infrax Renewable IPO was a ₹40.88 crore fixed-price issue, comprising a fresh issue of ₹33.8 crore and an offer for sale of ₹7.08 crore. It was priced at ₹104 per share with a lot size of 1,200 shares; the minimum retail application was 2,400 shares (₹2,49,600). The IPO was open from September 9 to September 11, 2026 and was subscribed 2.1x. Shares listed on BSE SME on September 17, 2026 at ₹104, in line with the issue price of ₹104.
Bigshare Services Pvt. Ltd. is the registrar. Smart Horizon Capital Advisors Pvt. Ltd. is the book running lead manager.
The issue price of Infrax Renewable IPO is ₹104 per share (fixed price).
The lot size of Infrax Renewable IPO is 1200 shares.
The minimum investment for Infrax Renewable IPO is approximately ₹2,49,600 based on the issue price.
The allotment date of Infrax Renewable IPO is Sep 15, 2026.
You can check Infrax Renewable IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Infrax Renewable IPO allotment status on Rupix for quick and easy access.
₹104 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 ₹1,24,800. After listing, SME shares also trade in lots rather than one share at a time.
₹1,24,800, 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 9 September 2026 and closed on 11 September 2026.
The basis of allotment was published on 15 September 2026 by Bigshare Services Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 17 September 2026 on BSE SME, opening at ₹104.
The issue size was ₹40.88 crore. The fresh issue was 32,50,800 shares (aggregating up to ₹33.8 crore). The offer for sale was 6,80,400 shares (aggregating up to ₹7.08 crore).
It listed at ₹104 against an issue price of ₹104, a gain of 0 percent on listing day.