Himalayan Solar

Himalayan Solar

LISTED

IPO Date: 25 Sept - 29 Sept 2026

Listing Date: 5 Oct 2026

Price Range

Rs.98 - Rs.103

Issue Size

68 Cr

Min Investment

₹2,35,200

2 lots minimum (SEBI rule for SME)

Min Application

2400 Shares

1200 per lot × 2

View IPO Document

Schedule of Himalayan Solar

  1. Issue open date

    25 Sept 2026

  2. Issue close date

    29 Sept 2026

  3. UPI mandate deadline

    29 Sept 2026 (5 PM)

  4. Allotment finalization

    30 Sept 2026

  5. Share credit

    1 Oct 2026

  6. Listing date

    5 Oct 2026

  7. Mandate end date

    14 Oct 2026

Issue size

Funds Raised in the IPOAmount
Overall68 Cr
Fresh Issue60.68 Cr
Offer for Sale7.35 Cr

Allotment DetailsNew

Allotment TimelineDetails
Allotment Date30 Sept 2026
Allotment Link{Link}

Grey Market Premium

New

Grey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.

DateIPO PriceGMPEst. Listing Price
5 Oct 2026Latest₹103₹0₹103(0%)
4 Oct 2026₹103₹0₹103(0%)
3 Oct 2026₹103₹0₹103(0%)
2 Oct 2026₹103₹0₹103(0%)
1 Oct 2026₹103₹0₹103(0%)
30 Sept 2026₹103₹0₹103(0%)
29 Sept 2026₹103₹0₹103(0%)
28 Sept 2026₹103₹0₹103(0%)
27 Sept 2026₹103₹0₹103(0%)
26 Sept 2026₹103₹0₹103(0%)
25 Sept 2026₹103₹0₹103(0%)
24 Sept 2026₹103₹0₹103(0%)
23 Sept 2026₹103₹0₹103(0%)
22 Sept 2026₹103₹0₹103(0%)

Performance Himalayan Solar

Issue PriceListing GainCurrent Market PriceP/L
Rs.98 - Rs.103₹ 85 (-17.48%) ₹ 85.8-16.70%

About Himalayan Solar

Himalayan Solar Limited provides integrated turnkey solar energy solutions, including the design, manufacturing, supply, installation, and commissioning of solar products. Its primary business is solar water pumping systems, along with solar rooftop power systems and solar inverter charger systems. The company also supplies solar products and provides support services under skill development training programmes. Its solar water pumping systems include solar PV modules, pumps, controllers, inverters, mounting structures and other components. The company offers AC and DC solar water pumps in surface and submersible categories. Himalayan Solar operates a manufacturing facility in Karnal, Haryana, with an annual capacity of 60 MW for Mono-PERC solar PV modules. The company also operates through its registered office, a branch office, and warehouses across Haryana, Rajasthan, and Madhya Pradesh.

Founded in2015
Managing directorMr Manjeet Singh
Parent organization

Financial Overview

Strengths

5
  1. 1

    Established empanelment as a solar partner with state government departments.

  2. 2

    Executed over 85,000 HP capacity of solar water pumping systems.

  3. 3

    Integrated turnkey capability spanning design, manufacturing, supply, and installation.

  4. 4

    In-house facility producing high-efficiency Mono PERC solar PV modules.

  5. 5

    Strong pending order book position providing clear revenue visibility.

Risks

5
  1. 1

    Revenue heavily depends on a limited number of major government customers.

  2. 2

    Significant geographical revenue concentration in Haryana.

  3. 3

    Business relies on government schemes, incentives, and direct customer subsidies.

  4. 4

    Vulnerable to rapid technological shifts and changing module efficiency regulations.

  5. 5

    Past negative cash flows from operating activities.

Subscription Figures

CategorySubscription (No. of times)
Qualified Institutional Buyers (QIBs)0.85
Non-Institutional Investors (NIIs)0.42
Retail Individual Investors (RIIs)0.51
EmployeeN/A
Total0.51