Infrax Renewable IPO Lists Flat at ₹104 on BSE

Infrax Renewable shares made a flat stock market debut, listing at ₹104 per share on the BSE, in line with the IPO issue price of ₹104 per share. The listing resulted in no premium or discount to the issue price.

Following its debut, the stock traded at ₹104. During the session, it touched a high of ₹107.95 and a low of ₹99, while around 21.52 lakh shares changed hands at the counter.

The listing followed the company’s IPO, which was open for subscription from September 9 to September 11, 2026. The issue was subscribed 1.99 times by the end of the bidding period.

Infrax Renewable’s IPO comprised a fresh issue of 39,31,200 equity shares and an offer for sale of 6,80,400 equity shares.

Gujarat-based Infrax Renewable is a renewable energy company providing solar EPC solutions for rooftop and ground-mounted projects. Its operations cover project design, engineering, procurement, installation, testing, commissioning and operations and maintenance (O&M). The company also sells solar PV modules, inverters and other solar products.

Infrax Renewable IPO Listing Details

Infrax Renewable launched its IPO comprising a fresh issue of 39,31,200 equity shares and an offer for sale of 6,80,400 equity shares. The bidding window opened on September 9 and closed on September 11, 2026.

The IPO price was fixed at ₹104 per equity share.

The IPO received an overall subscription of 1.99 times by the end of the bidding period.

Infrax Renewable subsequently made its stock market debut at ₹104 per share on the BSE, matching the IPO issue price of ₹104. This resulted in a flat listing with no premium or discount.

• Issue Price: ₹104 per share
• BSE Listing Price: ₹104 per share
• BSE Listing Premium/Discount: 0.00%
• Fresh Issue: 39,31,200 equity shares
• Offer for Sale: 6,80,400 equity shares
• Overall Subscription: 1.99 times
• IPO Open Date: September 9, 2026
• IPO Close Date: September 11, 2026
• Exchange: BSE

First-Day Trading Performance

Listing Price: Infrax Renewable share price debuted at ₹104 per share on the BSE against the IPO issue price of ₹104, resulting in a flat listing with no premium or discount.

Following the listing, the stock traded at ₹104. During the session, Infrax Renewable shares touched a high of ₹107.95 and a low of ₹99.

Around 21.52 lakh shares of the company changed hands at the counter.

The flat debut followed the company’s IPO, which received an overall subscription of 1.99 times by the end of the bidding period.

The listing performance indicated that the stock entered the secondary market at the same price at which shares were offered to IPO investors.

Growth Drivers and Challenges

Growth Drivers

Renewable Energy Focus: Infrax Renewable operates in the solar energy segment and provides EPC solutions for rooftop and ground-mounted solar projects.

End-to-End Capabilities: The company’s activities cover project design, engineering, procurement, installation, testing, commissioning and O&M.

Diversified Solar Offerings: In addition to EPC services, the company sells solar PV modules, inverters and other solar products.

Revenue Base: The company recorded revenue from operations of ₹93.21 crore for the financial year ended March 31, 2026.

Profitability: Infrax Renewable reported a net profit of ₹10.20 crore for FY26.

Challenges

Project Execution: The EPC business is exposed to risks associated with project execution, commissioning schedules and timely completion.

Working Capital Requirements: Solar EPC projects may require significant working capital to support procurement and execution activities.

Industry Competition: The company operates in a competitive renewable energy and solar EPC market.

Equipment and Supply Exposure: The business depends on the availability and pricing of solar modules, inverters and other project equipment.

Business Scale: As of March 2026, the company had 52 full-time employees, making effective deployment of its workforce important as operations expand.

Utilisation of IPO Proceeds

Infrax Renewable’s IPO comprised a fresh issue of 39,31,200 equity shares along with an offer for sale of 6,80,400 equity shares.

The company intends to utilise the net proceeds from the fresh issue towards the purchase of machinery and equipment for its proposed manufacturing facility.

A portion of the proceeds is also intended to meet the company’s working capital requirements.

The remaining proceeds will be used for general corporate purposes.

The public issue comprised:

• Fresh Issue: 39,31,200 equity shares
• Offer for Sale: 6,80,400 equity shares

Business and IPO Overview

Gujarat-based Infrax Renewable is a renewable energy company providing solar EPC solutions for rooftop and ground-mounted projects.

Its activities span project design, engineering, procurement, installation, testing, commissioning and operations and maintenance. This allows the company to provide services across different stages of solar project development and execution.

In addition to its EPC operations, Infrax Renewable sells solar PV modules, inverters and other solar products.

As of March 2026, the company had 52 full-time employees supporting its business operations.

For the financial year ended March 31, 2026, Infrax Renewable recorded revenue from operations of ₹93.21 crore and a net profit of ₹10.20 crore.

Infrax Renewable entered the public markets through an IPO comprising a fresh issue of 39,31,200 equity shares and an offer for sale of 6,80,400 equity shares. The issue opened on September 9 and closed on September 11, 2026, at an IPO price of ₹104 per share.

The IPO received an overall subscription of 1.99 times by the end of the bidding period.

Infrax Renewable made a flat stock market debut, with shares listing at ₹104 on the BSE, matching the IPO issue price. During the session, the stock touched a high of ₹107.95 and a low of ₹99.