Infrax Renewable IPO Details

Fixed Price IPO | ₹41 Cr | Listing at BSE SME | Wed, Sep 9, 2026 - Fri, Sep 11, 2026

Infrax Renewable IPO is a fixed issue price of ₹40.88 crores. The issue is a combination of fresh issue of 32.51 lakh shares aggregating to ₹33.81 crores and offer for sale of 6.80 lakh shares aggregating to ₹7.08 crores.

Infrax Renewable IPO opens for subscri ption on Sep 9, 2026 and closes on Sep 11, 2026. The allotment for the Infrax Renewable IPO is expected to be finalized on Sep 15, 2026. Infrax Renewable IPO will list on the BSE SME with a tentative listing date fixed as Sep 17, 2026.

Infrax Renewable IPO is set final issue price at ₹104 per share. The lot size for an application is 1,200 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,49,600 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,74,400.

Smart Horizon Capital Advisors Pvt.Ltd. is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Shreni Shares Ltd.

Refer to Infrax Renewable IPO DRHP for detailed Information.

IPO Open

Wed, Sep 9, 2026

IPO Close

Fri, Sep 11, 2026

Price Band

₹104 per share

Market Cap*

₹148.05 Cr * on Offer Price

IPO Details

IPO Date

9 to 11 Sep, 2026
Listing Date

Thu, Sep 17, 2026
Face Value

₹10 per share
Issue Price

₹104 per share
Lot Size

1,200 Shares
Sale Type

Fresh capital cum OFS
Issue Type

Fixed Price IPO
Listing At

BSE SME

Total Issue Size

39,31,200 shares (agg. up to ₹41 Cr)
Reserved for Market Maker

1,99,200 shares (agg. up to ₹2 Cr) Shreni Shares Ltd.
Fresh Issue(Ex Market Maker)

30,51,600 shares (agg. up to ₹32 Cr)
Offer for Sale

6,80,400 shares of ₹10 (agg. up to ₹7 Cr)
Net Offered to Public

37,32,000 shares (agg. up to ₹39 Cr)
Share Holding Pre Issue

1,09,85,111 shares
Share Holding Post Issue

1,42,35,911 shares

IPO Open

Wed, Sep 9, 2026
Allotment

Tue, Sep 15, 2026
Credit of Shares

Wed, Sep 16, 2026

IPO Close

Fri, Sep 11, 2026
Refund

Wed, Sep 16, 2026
Listing

Thu, Sep 17, 2026

Issue Reservation

Infrax Renewable IPO comprises a total issue size of 39,31,200 shares. The net offer to the public is 37,32,000 shares, after excluding 1,99,200 shares allotted on a firm basis. Of the Net offer 18,81,600 (50.42%) allocated to NII 18,50,400 (49.58%) allocated to RII.

Investor Category	Shares	% of Net Issue	% of Total Issue
NII (HNI)	18,81,600	50.42%	47.86%
Retail	18,50,400	49.58%	47.07%
Firm Reservations
Market Maker	1,99,200		5.07%
Total	39,31,200	100.00%	100.00%

IPO Lot Size

Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.

Application	Lots	Shares	Amount
Individual investors (IND) (Min)	2	2,400	₹2,49,600
Individual investors (IND) (Max)	2	2,400	₹2,49,600
HNI (Min)	3	3,600	₹3,74,400

About Infrax Renewable Ltd.

Incorporated in September 2024, Infrax Renewable Limited is a solar energy company engaged in providing Engineering, Procurement and Construction (EPC) services for rooftop and ground-mounted solar power projects. The company also supplies a wide range of solar products, including solar PV modules, inverters, and related equipment, and operates as an Independent Power Producer (IPP) through its own solar power plant in Gujarat under a Power Purchase Agreement (PPA) with PGVCL.

Business Operations:

EPC Services: They provide end-to-end solar EPC services, including project design, engineering, procurement, installation, testing, commissioning, O&M, and regulatory assistance. Our projects include rooftop solar projects for residential customers and ground-mounted projects for commercial customers.
Independent Power Producer (IPP) They operate as an Independent Power Producer by generating and selling electricity to Paschim Gujarat Vij Company Limited (PGVCL) under a 25-year Power Purchase Agreement. In 2026, we commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, Rajkot, Gujarat.
Sale of Solar Products They also supply various solar products, including Solar PV Modules, Solar PV Inverters, and other solar products. Our PV modules include both polycrystalline and monocrystalline panels, sourced domestically and internationally.

The company offers end-to-end solar solutions covering project design, engineering, procurement, installation, testing, commissioning, and operation & maintenance (O&M) services. It serves customers across residential, commercial, and industrial segments through an extensive dealer network and has been empanelled as a national vendor under the PM Surya Ghar: Muft Bijli Yojana. Infrax currently operates warehouses in Rajkot, Ahmedabad, and Kanpur, along with branch offices across Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, with services supplied across multiple Indian states.

As of March 31, 2026, the team comprised 52 permanent employees.

Competitive Strengths:

Proven track record in executing solar EPC projects.
Diversified business model with EPC, solar product distribution, and IPP operations.
Empanelled vendor under PM Surya Ghar: Muft Bijli Yojana.
Strong customer, supplier, and dealer network across multiple states.
Strategic warehouse and branch office presence supporting efficient project execution.
ISO 9001:2015 certified quality management system.
Plans for backward integration through in-house solar component manufacturing and recycling.
Experienced promoter team with over 17 years of industry experience.(Updated on Sep 6, 2026)

Company Financials (Restated)

Vinod Texworld Ltd.’s revenue increased by 2% and profit after tax (PAT) rose by 13% between the financial year ending with March 31, 2026 and March 31, 2025. (Amount in ₹ Crore)

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	181.50	177.68	154.28
Total Income	342.96	335.74	271.65
Profit After Tax	10.41	9.23	5.49
EBITDA	22.83	20.96	12.30
NET Worth	42.81	32.40	23.16
Reserves and Surplus	31.20	20.80	11.56
Total Borrowing	70.48	66.28	47.01

Company Financials (Restated)

Infrax Renewable Ltd.’s revenue increased by 206% and profit after tax (PAT) rose by 258% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	31.53	8.24	4.40
Total Income	93.33	30.48	9.66
Profit After Tax	10.20	2.85	0.96
EBITDA	14.56	4.50	1.76
NET Worth	15.77	1.89	1.40
Reserves and Surplus	14.52	0.89
Total Borrowing	6.99	3.02

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

# Issue Objects

Est Amt (₹ Cr.)
1 Funding of capital expenditure of the Company towards purchase of machineries and equipments for proposed manufacturing facility

12.29
2 Funding working capital requirements of the Company

17.00
3 General corporate purposes

2.03
4 Issue Expenses

3.00
Total

34.33

Key Performance Indicator (KPI)

KPI	Mar 31, 2026
ROE	115.54%
ROCE	63.89%
Debt/Equity	0.44
RoNW	64.68%
PAT Margin	10.94%
EBITDA Margin	15.62%
NAV	15.77
Price to Book Value	6.59

IPO Valuation

Valuation Metric	Pre IPO	Post IPO
EPS (₹)	9.29	7.17
P/E (x)	11.19	14.5
Market Cap at Offer Price	₹114Cr.	₹148.05 Cr

The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.

Shareholding Structure

Category	Pre IPO	Post IPO
Promoter and Promoter Group	70.64%	49.73%
Public	29.36%	50.27%
Total	100%	100%

Company Promoters: Bhargv Ashvinbhai Vachhani, Gandhi Bhavik Tarunkumar and Khushboo Bhargav Vachhani.

Offer For Sale – Selling Shareholders

Name	Category	No. of Shares Offered	Amount (₹ cr.)
Bhargv Ashvinbhai Vachhani	Promoter	5,10,400	5.31
Gandhi Bhavik Tarunkumar	Promoter	1,70,000	1.77
Total		6,80,400	7.08

IPO Timetable (Tentative)

IPO Expenses

# Issue Expenses

Est Amt (₹ Cr.)
1 Lead Manager fees including underwriting commission

2.55
2 Brokerage, selling, commission and upload fees

0.01
3 Registrar to the Offer

0.02
4 Legal Advisors

0.04
5 Advertising expenses

0.06
6 Regulators including stock exchanges

0.07
7 Printing and distribution of offer stationery

0.01
8 Market making fees

0.15
9 Depositories fees

0.03
11 Peer review fees

0.04
12 UPI Bids

0.01
13 PAN Validation and NSM Comission

0.01
Total

3.00

IPO Registrar

Bigshare Services Pvt.Ltd.

8657578989/8069219065/8069219060
ipo@bigshareonline.com
Visit Website

IPO Lead Manager(s)

Smart Horizon Capital Advisors Pvt.Ltd.

Lead Manager Reports

Lead Manager Performance Summary
Lead Manager Performance Tracker

Contact Details

Infrax Renewable Ltd. Address

402-403, R K Prime 2

Mahapuja Dham Chok, 150 Feet Road

Malviyanagar

Rajkot, Gujarat, 360004

+91 7874074000
investor@infraxrenewable.com
Visit Website

IPO FAQs

What is the Infrax Renewable IPO?

Infrax Renewable IPO is a SME IPO of 39,31,200 equity shares of the face value of ₹10 aggregating up to ₹41 Crores. The issue is priced at ₹104 per share. The minimum order quantity is 1200.

The IPO opens on Wed, Sep 9, 2026, and closes on Fri, Sep 11, 2026.

Bigshare Services Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

How to apply in Infrax Renewable IPO through Angel One?

Angel One customers can apply online in Infrax Renewable IPO using UPI as a payment gateway. Angel One customers can apply in Infrax Renewable IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Infrax Renewable IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Infrax Renewable IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

When Infrax Renewable IPO will open?

The Infrax Renewable IPO opens on Wed, Sep 9, 2026 and closes on Fri, Sep 11, 2026.

What is the lot size of Infrax Renewable IPO?

Infrax Renewable IPO lot size is 1200, and the minimum amount required for application is ₹2,49,600, with 2 lots being the minimum application size.

How to apply for Infrax Renewable IPO?

You can apply in Infrax Renewable IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

When is Infrax Renewable IPO allotment?

The finalization of Basis of Allotment for Infrax Renewable IPO will be done on Tuesday, September 15, 2026, and the allotted shares will be credited to your demat account by Wed, Sep 16, 2026. Check the Infrax Renewable IPO allotment status.

When is Infrax Renewable IPO listing date ?

The Infrax Renewable IPO listing date is not yet announced. The tentative date of listing is Thu, Sep 17, 2026.