Smarten Power Systems IPO Draws Strong Investor Response with 5.51x Overall Subscription on Final Day

Mumbai, 9 July 2025: Smarten Power Systems Limited’s initial public offering (IPO) was subscribed 5.51 times by the end of Day 3 of the bidding process. The offering saw significant traction from non-institutional and retail investors, reflecting robust interest in the company’s power backup and solar product business.

High Demand from HNIs and Retail Investors Boosts Overall Subscription

By 5:19 PM on 9 July 2025, the IPO garnered notable participation across key investor categories. The Non-Institutional Investors (NII) segment led the surge, subscribing 6.31 times the allotted quota, while the retail category recorded a 4.66 times subscription. Anchor investors and market makers subscribed fully to their respective allocations.

Subscription Status by Category (as of 9 July 2025):

Investor Category-Wise Subscription Details (as of 9 July 2025):

• Anchor Investors:
  • Subscription (times): 1
  • Shares Offered: 0
  • Shares Bid For: 0
  • Total Amount (₹ Cr.): 0
  • Total Applications: –
• Market Maker:
  • Subscription (times): 1
  • Shares Offered: 2,50,800
  • Shares Bid For: 2,50,800
  • Total Amount (₹ Cr.): 2.51
  • Total Applications: –
• Non-Institutional Buyers (HNIs, Corporates):
  • Subscription (times): 6.31
  • Shares Offered: 23,74,800
  • Shares Bid For: 1,49,73,600
  • Total Amount (₹ Cr.): 149.74
  • Total Applications: 0
• Individual Investors (Retail, 2 lots):
  • Subscription (times): 4.66
  • Shares Offered: 23,74,800
  • Shares Bid For: 1,10,78,400
  • Total Amount (₹ Cr.): 110.78
  • Total Applications: 4,616
• Total:
  • Subscription (times): 5.51
  • Shares Offered: 47,49,601
  • Shares Bid For: 2,61,74,400
  • Total Amount (₹ Cr.): 261.74
  • Total Applications: 5,771

*Shares Offered and Total Amount are based on the upper price band of the issue.

Steady Growth in Subscriptions Across Three Days of Bidding

The IPO witnessed a gradual build-up in investor participation, with Day 3 showing the strongest momentum. Initial retail interest was modest but picked up sharply as confidence in the company’s business fundamentals grew.

IPO Structure Reflects Balanced Allotment Between Retail and Non-Retail Categories

Smarten Power Systems offered a total of 50,00,401 equity shares, with 47.49% each allocated to retail and non-retail investors, and 5.02% reserved for market makers. The IPO structure aimed to ensure fair participation across investor classes.

Category-Wise Allocation

• Market Maker:
  • Shares Offered: 2,50,800
  • Amount (₹ Cr.): 2.51
  • Issue Size (%): 5.02%
• Other:*
  • Shares Offered: 23,74,800
  • Amount (₹ Cr.): 23.75
  • Issue Size (%): 47.49%
• Retail:
  • Shares Offered: 23,74,800
  • Amount (₹ Cr.): 23.75
  • Issue Size (%): 47.49%
• Total:
  • Shares Offered: 50,00,401
  • Amount (₹ Cr.): 50.00
  • Issue Size (%): 100%

*Other includes HNIs, corporates, and institutional applicants.

Company Overview: Expanding Footprint in India’s Renewable Energy and Power Backup Market

Smarten Power Systems Limited designs, assembles, and trades a wide range of power backup and solar products under its proprietary SMARTEN brand. Its product portfolio includes:

• Home UPS systems
• Solar inverters / Solar Power Conditioning Units (PCUs)
• Solar charge controllers
• Solar panels
• Inverter batteries

Operating in 23 Indian states and 2 union territories, the company also maintains a global presence across 17 countries in the Middle East, Africa, and South Asia. With a network of 382 distributors and 52 service centres, Smarten ensures strong after-sales support.

The brand manages 372 SKUs across six major product categories, positioning itself as a key player in India’s decentralised solar and backup power space.

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