Reputed capital market investors led by Anil Kumar Goel, Prashant Jain and Neeraj Gupta participate in Oriana Power’s pre-IPO funding – EQ Mag

• Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar, too, pick up minority stakes

• The company has recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify into other renewable energy avenues – beyond solar

The SME IPO-bound Oriana Power Limited has successfully closed its pre-IPO round, with the participation of several reputed stock market veterans. The marquee investors include Chennai-based Anil Kumar Goel, JSW Energy’s Prashant Jain, Meru’s founder Neeraj Gupta, Jaipur-based Manoj Agarwal and MSMEx’s Amit Kumar.

Chennai-based Anil Kumar Goel, well-known for his sterling value-investing track record in sugar and textile stocks, led the pre-IPO round. Tikri Investments, the personal fund of JSW veteran Prashant Jain, also picked up a minority stake in the pre-IPO round. Meru’s founder Neeraj Gupta, the pioneer in the app-based taxi ecosystem and now a serial investor and advisor, also invested in his personal capacity. While other investors, including Jaipur-based renowned long-only veteran Manoj Agarwal and Amit Kumar, founder of MSMEx, India’s largest Live Online Coaching and Handholding platform for MSME business owners, also participated in the round.

Among India’s fastest-growing solar energy solution providers, Oriana Power recently filed Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO comprises the issue of 50.55 lakh Equity Shares (Face Value Rs 10/) through the book-building route. The company has appointed Corporate CapitalVentures Private Ltd as Lead Manager for the issue, while Skyline Financial Service Private Ltd. will be the Registrar to the issue.

As per the DRHP, the company will utilise issue proceeds from the IPO towards meeting its working capital requirements (Rs. 23 crore), investment in subsidiary companies (Rs. 20 crore), capital expenditure for expansion purposes (Rs. 2 crore) and general corporate expenses.

Co-founded by entrepreneurs Anirudh Saraswat, Rupal Gupta and Parveen Kumar Jangra, Oriana Power commenced operations in 2017. As per the DRHP, the three promoters currently hold 83.40% in the company. Post issue, the promoters’ stake would stand reduced to 61.41% in the company. For the year ended March 31, 2023, the company’s revenue stood at Rs. 134 crore compared to revenue of Rs. 101 crore in the same period of 2022. However, the company’s profit after tax almost doubled to Rs 12.69 crore during the year ending March 31, 2023, from Rs 6.96 crore registered in the previous fiscal year, as per the DRHP. The company has recently introduced TrueRE as its corporate brand, highlighting the intent to further diversify into other renewable energy avenues – beyond solar.

Oriana Power is a company that specialises in providing solar energy solutions to industrial and commercial customers. The company offers low-carbon energy solutions by installing on-site solar projects such as rooftops, ground-mounted systems, and off-site solar farms, i.e., Open access. Its business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). The company caters to marquee clients comprising eminent corporates, including Hindustan Petroleum Corporation, Hero Motocorp, Indraprastha Power Generation, JK Laxmi Cement Limited, Tata Memorial Hospital, Hindustan Copper, National High-Speed Rail Corporation, Modern Delhi Public School, Faridabad, Sarvodya Kanya Vidyalaya, Umang Dairies, Hero Cycle, Maral Overseas (Bhilwara group), Mrs Bector (Cremica), Mahindra CIE, Sona BLW, RACL Geartech, among others.

In May 2023, the company successfully commissioned a 2.7 MWp single rooftop solar power plant at the Indian Oil Corporation Ltd (IOCL) refinery in Panipat, Haryana, for Indian Synthetic Rubber Private Limited (ISRPL). During April 2023, the company also successfully commissioned a novel 800kW AC/1MWp DC floating solar power plant at Dabok Mines of Udaipur, Rajasthan, for Udaipur Cement Works Limited (UCWL).

About Oriana Power

Oriana Power is a solar energy solution provider that develops, constructs and operates solar projects for their industrial and commercial customers. Co-founded by first-generation entrepreneurs Rupal Gupta, Parveen Jangra and Anirudh Saraswat, Oriana commenced operations in 2017. The company provides low-carbon energy solutions to its clients by installing on-site solar projects (rooftop and ground-mounted) and off-site solar farms. Presently, Oriana possesses and manages a portfolio of more than 100 MWp capacity projects which are operational and under construction across India. Through their continuous efforts towards development, Oriana had diversified in new avenues such as BESS and Hydrogen Electrolyzer to make this eternal energy source affordable for the masses with minimum carbon emission.