Slow Start for Smarten Power Systems IPO: Retail Bidders Show Some Interest, NIIs Stay Away
By Shishta Dutta | Published at: Jul 7, 2025 06:01 PM IST
Mumbai, 7 July 2025: The ₹52.51 crore SME initial public offering (IPO) of Smarten Power Systems Limited witnessed a cautious start on Day 1, with an overall subscription of just 0.11 times by 5:34 PM. The modest participation was driven almost entirely by individual retail investors, while institutional and high-net-worth segments remained on the sidelines.
Retail Investors Make Early Move, Contribute All of Day 1 Bids
By the end of Day 1, retail individual investors—applying under the category of up to ₹2 lakhs or exactly two lots—subscribed 0.22 times of their allocated quota. This translated into 5,13,600 shares bid for out of the 23,74,800 shares offered to this category. A total of 214 applications were received from this segment.
In contrast, there was no subscription from Non-Institutional Investors (NIIs), which includes HNIs, corporates, trusts, and other non-retail participants bidding above ₹2 lakhs. The NII category, which was also offered 23,74,800 shares, saw zero bids and no applications.
No QIB Interest Yet, Anchor Segment Not Applicable
There was no Qualified Institutional Buyer (QIB) participation recorded on Day 1. This remains in line with expectations, as QIBs generally show interest closer to the IPO closing day—especially in fixed-price SME issues. Additionally, no shares were reserved for anchor investors, and thus no bids or allocations were registered in that segment.
Smarten Power Systems IPO Day 1 Subscription Snapshot
| Investor Category | Subscription (times) | Shares Offered | Shares Bid For | Amount (₹ Cr) | Applications |
| Anchor Investors |
– |
0 |
0 |
0 |
– |
| Non-Institutional Buyers |
0.00 |
23,74,800 |
0 |
0 |
0 |
| Individual Investors (2 lots) |
0.22 |
23,74,800 |
5,13,600 |
5.14 |
214 |
| Total |
0.11 |
47,49,601 |
5,13,600 |
5.14 |
243 |
Subscription Trends and Category Breakdown
|
Category |
Shares Offered |
Issue Size (₹ Cr) |
Allocation (%) |
|
Market Maker |
2,50,800 |
2.51 |
4.78% |
|
Non-Retail (NII, QIB) |
23,74,800 |
23.75 |
45.22% |
|
Retail Investors |
23,74,800 |
23.75 |
45.22% |
|
Total |
52,51,201 |
52.51 |
100% |
IPO Open Till July 9: Investors Have Two More Days to Participate
The IPO will remain open for bidding until Wednesday, July 9, 2025. Investors can apply in lots of 1,200 shares, with each lot priced at ₹1,20,000. The final investor response, especially from the retail and institutional categories, will determine the IPO’s overall success. Smarten Power, a manufacturer and trader of solar inverters, UPS systems, and batteries, is raising funds to expand manufacturing, repay debt, and integrate backward into battery production.
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