Himalayan Solar IPO
Himalayan Solar LtdSME
This IPO is now Live.
- Open date
- 25 Sep 2026
- Close date
- 29 Sep 2026
- Min. Investment
- ₹2,47,200
- Lot Size
- -
- Fresh Issue
- ₹60.68 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers1.58x
- Non-Institutional Investors0.37x
- Retail-Individual Investors0.84x
- Total0.72x
Schedule
- Completed: IPO open date25 Sep 2026
- Current step: IPO close date29 Sep 2026
- Upcoming: Allotment date30 Sep 2026
- Upcoming: Funds unblock or debit1 Oct 2026
- Upcoming: Tentative listing date5 Oct 2026
About
Promoter shareholding in Himalayan Solar Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Karthyayini | 81,44,406 | 50.22% | 74,30,406 | 33.61% |
| Manjeet Singh | 35,68,063 | 22.00% | 35,68,063 | 16.14% |
| Himanshu Dalal | 15,81,295 | 9.75% | 15,81,295 | 7.15% |
| Mehtab Singh | 14,62,500 | 9.02% | 14,62,500 | 6.61% |
| Anita Kumari | 14,62,500 | 9.02% | 14,62,500 | 6.61% |
| Manish Dalal | 45 | 0.00% | 45 | 0.00% |
| Neha Shokeen | 45 | 0.00% | 45 | 0.00% |
| Om Singh Pahal | 45 | 0.00% | 45 | 0.00% |
Himalayan Solar IPO Strengths & Risks
- Experienced promoters having deep knowledge to scale up the business.
- Established and proven track record.
- Leveraging the experience of our Promoters.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our customers.
- Quality Assurance & Control.
- Risks Relating to the Business: The Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: Risk of Low-Capacity Utilization Levels and Potential Underutilization of Expanded Manufacturing Facilities, Which May Adversely Impact the company Operational Efficiency, Profitability, and Return on Investment.
- Risks Relating to the Business: Potential Adverse Impact on Business Operations Due to Obsolescence of Existing Manufacturing Facility and Risks Associated with Relocation and Commissioning of New Manufacturing Unit with New Machinery.
- Risks Relating to the Business: Adverse changes in government policies, industry standards, or regulatory requirements governing the company's products have impacted its past operations and may adversely affect the company's future business prospects and financial performance.
- Risks Relating to the Business: The company's Restated Financial Statements are Prepared and Signed by the Peer Review Chartered Accountant who is not Statutory Auditors of the Company.
- Risks Relating to the Business: The company has not taken any steps to order the machinery/equipment required for the Expansion and upgradation of the manufacturing facility. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment/machinery in a timely manner, or at all, the same may result in time and cost overruns.
- Risks Relating to the Business: The Company is dependent on a few customers for sales. Loss of any of these large customers may affect its revenues and profitability.
- Risks Relating to the Business: The company highly depends on its major raw materials and a few key suppliers who help it procure the same. The Company has not entered into long-term agreements with its suppliers for the supply of raw materials. In the event the company is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected.
- Risks Relating to the Business: The majority of the company's state- wise revenues from operations for the last 3 years are dependent mainly on Haryana. Any adverse developments affecting its operations in these states could have an adverse impact on the company's revenue and results of operations.
- Risks Relating to the Business: The company's business operations may faces less sales in unfavourable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations.
- Risks Relating to the Business: The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.
- Risks Relating to the Business: The outstanding orders in the company order book may be delayed, modified or cancelled which may have an adverse impact on its business, results of operations and cash flows.
- Risks Relating to the Business: The reduction, modification or elimination of government and economic incentives may reduce the economic benefits of the company's existing renewable energy projects and its opportunities to develop or acquire new renewable energy projects.
- Risks Relating to the Business: There has been an instance of non-compliance for failures to open a separate bank account for the receipt of share application money in compliance with Section 42 of the Companies Act, 2013. Due to such lapse, the Company may be held liable to penal actions by the regulatory authorities under the Companies Act which may have impact on its financial position.
- Risks Relating to the Business: With the proceeds of the IPO, the Company intends to further expand and upgrade its facility to 160 MW by acquiring additional machinery with an installed capacity of 100 MW; the company cannot assure you that the proposed expansion of the manufacturing facility will become operational as scheduled or at all, or operates as efficiently as planned. If the company is unable to commission its new facility in a timely manner or without cost overruns, it may adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: The company faces competition in its business from domestic competitors. Such competition would have an adverse impact on the company's business and financial performance.
- Risks Relating to the Business: There are certain discrepancies and non-compliances noticed in some of the company's corporate records relating to forms filed with the Registrar of Companies, taxation authorities and other public authorities.
- Risks Relating to the Business: There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities.
- Risks Relating to the Business: The Company's proposed expansion and modernization plans may be adversely affected if the existing utilities such as power, water, and other infrastructural facilities are not sufficient to meet the increased operational requirements.
- Risks Relating to the Business: The company has experienced negative cash flows in the past. Any such negative cash flows in the future could adversely affect its business, results of operations and prospects.
- Risks Relating to the Business: The company does not own the premises in which its Registered Office, Manufacturing unit, Branch Office and Warehouses are located and the same are on lease arrangement. Any termination of such lease/license and/or non-renewal thereof and attachment by Property Owner could adversely affect the company operations.
- Risks Relating to the Business: The Company has availed unsecured loan which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its financial condition.
- Risks Relating to the Business: The company is engaged in assembling of solar water pumping system and beneficiaries receives subsidy from State/Central Government. Any reduction or discontinuation of such subsidy will results in reduction in number of potential consumers.
- Risks Relating to the Business: The company's business activities are exposed to fluctuations in the prices of raw materials.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares by the company's promoter is lower than the issue price.
- Risks Relating to the Business: The company's Promoter Manjeet Singh plays a key role in its functioning and the company heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its promoter remain associated with the company.
- Risks Relating to the Business: The company requires certain approvals, licenses, registrations and permits for its business and the failures to obtain or renew them in a timely manner may adversely affect the company operations.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Issue which will allow them to determine the outcome of matters submitted to shareholders for approval.
- Risks Relating to the Business: Government may commence assembling the solar water pumps/products and may start providing products at cheaper rates.
- Risks Relating to the Business: The company's success will depends on its ability to attract and retain the company's key managerial personnel and senior managerial personnel, its design and engineering team and other key personnel. Failures to do so may have a material adverse effect on the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company operations may cause injury to people or property and therefore could subject it to significant disruptions in the company's business, legal and regulatory actions, costs and liabilities which could materially and adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's insurance coverage may not be adequate to protect it against certain operating hazards and this may have a material adverse effect on the company's business.
- Risks Relating to the Business: Lack of experience of the company's Promoters, Directors, KMPs with any listed entity may impact the business operations and performance of the Company.
- Risks Relating to the Business: The Issue price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company's Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.
- Risks Relating to the Business: If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report the company's financial risks.
- Risks Relating to the Business: The company's business operations requires its to evolve in accordance with the specific requirements of the company's customers and emerging industry trends. Any failures to adapt to such requirements or trends may affect its business operations.
- Risks Relating to the Business: The company may not be able to adequately protect its intellectual property rights which could harm the company's competitiveness.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- Risks Relating to the Business: Cyber security risks, breaches and/or malfunction of any of the company's systems could disrupt its operations and could materially and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company's lenders have charge over its movable and immovable properties in respect of the finance availed by the company.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company's major shareholders may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: The company will not receive any proceeds from the Offer for Sale portion.
- Risks Relating to the Business: Failures to successfully implement the company's business strategies may materially and adversely affect its business, prospects, financial condition and results of operations.
- Risks Relating to the Business: The company has not declared any dividends in the last three Financial Year and its cannot assure you that the company will be able to pay dividends on its Equity Shares in the future.
- Risks Relating to the Business: In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect the company's revenue and results of operations.
- Risks Relating to the Business: There is no guarantee that the company's Equity Shares will be listed on the Emerge Platform of National Stock Exchange of India Limited in a timely manner or at all.
- Risks Relating to the Business: The Issue Price of the company's Equity Shares may not be indicative of the market price of its Equity Shares after the Issue.
- Risks Relating to the Business: After this Issue, the price of the company's Equity Shares may be volatile, or an active trading market for its Equity Shares may not be sustained.
- Risks Relating to the Business: The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.
- Risks Relating to the Business: There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: Any future issuance of Equity Shares may dilute the investors shareholdings or sales of the company's Equity Shares by its Promoters or Promoter Group may adversely affect the trading price of the company's Equity Shares.
- Risks Relating to the Business: The company's ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.
- Risks Relating to the Business: You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: None of the bidders can withdraw or lower the size of their bids at any stage.
- Risks Relating to the Business: The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company's Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.
