Himalayan Solar Ltd IPO — GMP, Details & Subscription

IPO Details

Open Date

25 Sep 2026

Close Date

29 Sep 2026

Allotment

30 Sep 2026

Listing Date

05 Oct 2026

Exchange

NSE SME

Price Band

₹103

Listing Price

See chart

Allotment Status

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Price Band

₹103

Per share

Face Value

₹10 per share

Lot Size

1,200 Shares

per lot

Issue Size

66,04,800 shares (agg. up to ₹68 Cr)

Total offering

Issue Type

Bookbuilding IPO

Min Investment

₹123,600

1 lot

Pre-IPO Holding

1,62,18,899 shares

Promoters

Post-IPO Holding

2,21,09,699 shares

Promoters

P/E (Pre)

10.54x

P/E (Post)

14.37x

EPS (Pre)

₹9.77

EPS (Post)

₹7.17

UPI Deadline

5:00 PM on 29 Sep 2026

Mandate

Anchor AllotmentThu, 24 Sep 2026

Basis of AllotmentWed, 30 Sep 2026

Refund InitiationThu, 01 Oct 2026

Demat CreditThu, 01 Oct 2026

Listing DayMon, 05 Oct 2026

UPI Mandate Deadline5:00 PM on 29 Sep 2026

Sale TypeFresh capital cum OFS

Net Offer to Public62,73,600 shares (agg. up to ₹65 Cr)

Market Maker Quota3,31,200 shares (agg. up to ₹3 Cr)

Fresh Issue Shares55,59,600 shares (agg. up to ₹57 Cr)

Offer for Sale7,14,000 shares of ₹10 (agg. up to ₹7 Cr)

QIB Quota50% of Net Issue

HNI / NII Quota15% of Net Issue

Retail Quota35% of Net Issue

Check AllotmentClick here →

Subscription Rate Final

Himalayan Solar Ltd IPO subscribed 1.04 times overall. Retail: 1.25x. QIB: 1.02x. NII: 0.71x. By 29 Sep 2026.

QIB

1.02x

Over

NII/HNI

0.71x

Retail

1.25x

Over

Total

1.04x

Over

Category	Subscription	Shares Offered	% of Total	Amount (₹Cr)
Market Maker	Awaited	331,200	—	₹3.41
QIB	Over 1.02x	1,256,400	—	₹12.94
NII / HNI	0.71x	1,330,800	—	₹13.71
Retail	Over 1.25x	3,686,400	—	₹37.97
Total	1.04x	6,273,600	100%	₹64.62

IPO Shares Offered

Himalayan Solar Ltd IPO total issue size: ₹64.62 Cr. Retail: ₹37.97 Cr. QIB: ₹12.94 Cr. NII: ₹13.71 Cr.

Category	Shares Offered	Amount (₹Cr)	Size (%)
QIB	1,256,400	₹12.94	20.03%
Market Maker	331,200	₹3.41	5.28%
NII	1,330,800	₹13.71	21.21%
Retail	3,686,400	₹37.97	58.76%
Total	6,273,600	₹64.62	100.00%

* Based on upper price band ₹103 per share

Basis of Allotment

	QIB			NII			Retail	Total
	Ex. Anchor	Anchor	Total QIB	Below ₹10L	Above ₹10L	Total NII	Retail	Total
Allocation (shares)	—	—	—	—	—	1,330,800	3,686,400	5,017,200
Allotment price (₹)	103	103	103	103	103	103	103	103
No. of applications	—	—	—	—	—	—	—	—
No. of shares applied	—	—	—	—	—	—	—	—
Amount collected (₹Cr)	—	—	—	—	—	—	₹37.97	₹37.97
Times subscribed	1.02x	—	—	—	—	0.71x	1.25x	1.04x
Shares allotted	—	—	—	—	—	1,330,800	3,686,400	5,017,200
No. of allottees	—	—	—	—	—	—	—	—

* Upper price band ₹103 · ** Anchor allotment excluded from public shares

Lot Size & Investment

Lot Size

1,200

Shares per Lot

Issue Price

₹103.00

Upper Band

Min Investment

₹123,600

1 Lot

Application	Lots	Shares	Amount
Retail (Min — 2 Lots)	2	2,400	₹247,200
Retail (Max — 13 Lots)	13	15,600	₹1,606,800
S-HNI (Min — 14 Lots)	14	16,800	₹1,730,400
B-HNI (Min — 68 Lots)	68	81,600	₹8,404,800

* Issue Price ₹103 × Lot Size 1,200 shares

IPO Schedule

Anchor

24 Sep 2026

✓ Done

IPO Open

25 Sep 2026

✓ Done

IPO Close

29 Sep 2026

✓ Done

Allotment

30 Sep 2026

✓ Done

Refunds

01 Oct 2026

✓ Done

Demat Credit

01 Oct 2026

✓ Done

Listing Day

05 Oct 2026

✓ Done

₹103.00

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Issue ₹103.00 Live Price

About Himalayan Solar Ltd

Incorporated in 2015, Himalayan Solar Limited is specializes in providing integrated turnkey solar energy solutions offering services including design, manufacturing, supply, installation, and commissioning of wide range of solar products, with a primary focus on Solar Water Pumping Systems.They provide solar energy solutions for Solar Inverter Charge Systems and Solar Rooftop Power Systems.As on March 31, 2025, they have a qualitative experience in implementation of more than 61000 HP capacity of Solar Water Pumping Systems as part of Government Projects in India and this quantity will further increase to 100000 HP by end of FY 2025-26.As on August 31, 2025, the Company have employed 64 employees.Competitive Strengths:Experienced Solar PV Module ManufacturerExperienced Promoters backed by a strong management teamStrong Presence in Government-Focused Renewable Energy Projects Across Multiple StatesStrong relationship with customers and suppliers.Ability to implement our Solar Products portfolio is Government-backed Solar Projects as supplemental value addition along with their manufacturing business.Strong Order Book

Objects of the Issue

Funding Capital Expenditure towards purchase of additional plant and machinery for expansion and upgradation of existing manufacturing facility.

Repayment and / or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company.

To meet Working Capital Requirements

General Corporate Expenses

Himalayan Solar Ltd Financials (Amount in ₹ Crore)

Revenue from Operations

₹47.6

31 Mar 2023

₹138.7

31 Mar 2024

₹143.1

31 Mar 2025

Profit After Tax (PAT)

₹0.6

31 Mar 2023

₹4.9

31 Mar 2024

₹15.9

31 Mar 2025

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Revenue from Operations	143.14	138.65	47.62
EBITDA	23.58	7.83	2.26
Profit After Tax (PAT)	15.85	4.94	0.58
Net Worth	25.87	10.33	5.39
Total Assets	93.83	84.14	32.54
Reserves & Surplus	22.27	6.72	1.78
Borrowings	26.95	23.54	18.99
EBITDA Margin (%)	16.55	—	—
PAT Margin (%)	11.13	—	—

P/BV Ratio

6.46

RoCE

61.28

RoNW

44.81

PAT Margin

11.13

EBITDA Margin

16.55

Debt/Equity

1.04

Issue Structure & Shareholding

Total Shares Offered66,04,800

Net Offer to Public62,73,600 shares (agg. up to ₹65 Cr)

Reserved for Market Maker3,31,200 shares (agg. up to ₹3 Cr)

Pre-Issue Promoter Holding1,62,18,899 shares

Post-Issue Promoter Holding2,21,09,699 shares

P/BV Ratio6.46

RoEN/A

RoCE61.28

Debt / Equity1.04

Script CodeN/A

Registrar & Lead Managers

IPO Registrar

Maashitla Securities Pvt.Ltd.

011-45121795

ipo@maashitla.com

https://maashitla.com/allotment-status/public-issues

Check Allotment

Book Running Lead Managers

Finshore Management Services Ltd

GMP Disclaimer: Grey Market Premium data is unofficial and unregulated. It does not guarantee actual listing price.

IPO Subscription FAQs

How much Himalayan Solar Ltd IPO subscribed? ▲

Himalayan Solar Ltd IPO is subscribed 1.04 times by Sep 29, 2026. Retail: 1.25x. QIB: 1.02x. NII: 0.71x.

Investor Category	Subscription
Qualified Institutional (QIB)	1.02x
Non Institutional (NII/HNI)	0.71x
Retail Individual	1.25x
Total Subscription	1.04x

What is Himalayan Solar Ltd IPO retail subscription status? ▼

The Himalayan Solar Ltd IPO retail category is subscribed 1.25 times as of 29 Sep 2026. The retail portion is oversubscribed.

How to subscribe Himalayan Solar Ltd IPO? ▼

Subscribe via your broker app using ASBA or UPI. Opens 25 Sep 2026 and closes 29 Sep 2026. Min investment: ₹123,600 (1 lot = 1,200 shares). UPI mandate: 5:00 PM on 29 Sep 2026.

How many times Himalayan Solar Ltd IPO subscribed? ▼

The Himalayan Solar Ltd IPO subscribed 1.04x overall. QIB: 1.02x, NII: 0.71x, Retail: 1.25x. Applications: from NSE/BSE.

How to check Himalayan Solar Ltd IPO allotment? ▼

Check allotment on the registrar website (Maashitla Securities Pvt.Ltd.) at https://maashitla.com/allotment-status/public-issues. Enter your PAN, application number or DP/Client ID. Allotment date: 30 Sep 2026. Refunds: on 01 Oct 2026.

When Himalayan Solar Ltd IPO will be listed? ▼

The Himalayan Solar Ltd IPO listing date is 05 Oct 2026, Monday. Listed on: NSE SME. Issue price: ₹103. Estimated listing: ₹103. GMP: NIL.

When Himalayan Solar Ltd IPO close? ▼

The Himalayan Solar Ltd IPO closes on 29 Sep 2026, Tuesday. UPI mandate: 5:00 PM on 29 Sep 2026. Allotment: 30 Sep 2026. Listing: 05 Oct 2026.

Quick Actions

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Live Price LIVE

Last Price₹103.00

Change—

Issue Price₹103.00

vs Issue—

Quick Summary

StatusListed

Issue Price₹103

Face Value₹10

Lot Size1,200 Sh

Min. Amount₹123,600

GMPNIL

Est. Listing₹103

Subscribed1.04x

Open Date25 Sep 2026

Close Date29 Sep 2026

Allotment30 Sep 2026

Listing Date05 Oct 2026

ExchangeNSE SME

UPI Deadline5:00 PM on 29 Sep 2026