Smarten Power IPO Receives 1.26 Times Subscription Applications by Start of Day 3
By Ankur Chandra | Updated at: Jul 9, 2025 12:19 PM IST
Gurgaon, July 9, 2025 (10:40 AM IST) – The ₹50 crore SME IPO is open from July 7th to July 9th. As of 10:40 AM IST, July 9th, the IPO has received subscription applications for 63.23 lakh shares, which is 1.26 times the total offering. Non-institutional investors (NIIs) are the main drivers, oversubscribing their share by around 1.25 times. Retail participation is almost full, with about 0.69 times filled, leaving little room before full subscription. The IPO picked up a lot of speed over the first two days. On Day 1, 35% of people subscribed, and by Day 2, about 90% of people had subscribed, with NIIs leading the way and retail investors fast catching up. The bid window closes today, and the allocation will be official on July 10. Refunds will be sent out on July 11,Speeds will be listed on the NSE SME platform on July 1.
Real-Time Subscription Status as of July 9, 2025
| Category | Applications | Shares Bid |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 0 | 0 |
| Non-Institutional Investors (NIIs) | 235 | 39,97,200 |
| └── Corporates | 4 | 4,17,600 |
| └── Individuals (>2 lots) | 229 | 35,58,000 |
| └── Others | 2 | 21,600 |
| Retail Individual Investors (up to 2 lots) | 969 | 23,25,600 |
| Total | 1,204 | 63,22,800 |
- Total Issue Size: 50,00,400 equity shares
- Overall Subscription: 1.26×
- NII Quota (23,74,800 shares): 1.68×
- Retail Quota (23,74,800 shares): 0.98× (nearing full subscription)
IPO bidding remains open until 5:00 PM IST today, July 9, 2025. Final subscription numbers will be updated after market close.
About the Company
Smarten Power Systems Limited, headquartered in Gurgaon, manufactures and trades a wide range of power-backup and solar products, including home UPS systems, solar inverters, charge controllers, batteries, and solar panels. With a strong domestic network in 23 Indian states and 2 union territories, it also exports to 18 international markets, including Nigeria, UAE, Nepal, and Bangladesh.
The company is investing in backward integration by acquiring a running battery manufacturing facility in Himachal Pradesh, and expanding capacity at its new Jhajjar plant to double output.
About the IPO
| Component | Shares | Amount (₹ crore) |
|---|---|---|
| Fresh Issue | 40,00,800 | ₹40.01 |
| Offer for Sale (OFS) | 9,99,600 | ₹9.99 |
| Total Issue Size | 50,00,400 | ₹50.00 |
- Issue Price: ₹100 per share
- Lot Size: 1,200 shares
- Minimum Investment: ₹1,20,000
- IPO Window: July 7 – July 9, 2025 (closes at 5:00 PM IST today)
- Listing Platform: NSE Emerge
- Registrar: Maashitla Securities Pvt Ltd
Use of Proceeds
| Objective | Allocation (₹ lakh) |
|---|---|
| Working Capital | 2,200.00 |
| Battery Plant Asset Acquisition | 418.90 |
| Capex at Jhajjar Manufacturing Unit | 446.15 |
| Debt Repayment | 95.00 |
| General Corporate Purposes | 469.91 |
Promoter Selling & Valuation
The promoters are offloading 9,99,600 shares via OFS. Their average acquisition cost stands at just ₹0.67 per share, while the issue is priced at ₹100 – implying a 149x markup.
What’s Next?
- Smarten Power IPO closes today at 5:00 PM IST.
- Basis of allotment expected by July 12, 2025.
- Listing anticipated the following week on NSE Emerge.
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