Smarten Power Systems IPO Sees Slow Response on Day 2 with 0.90 Times Subscription 

Mumbai, 8 July 2025: The public issue of Smarten Power Systems Ltd., which opened for bidding on July 7, 2025, has seen a modest subscription rate by the end of Day 2. The IPO, priced at ₹100 per share, has received an overall subscription of 0.90 times as of 5:29:59 PM today. The IPO will close for subscription on July 9, 2025, with a listing scheduled on the NSE SME platform on July 14, 2025.

Retail Investors Show Limited Interest, HNIs Lead the Way

Despite wide retail reach, the Smarten Power Systems IPO has only managed a 0.67 times subscription in the individual investors category so far. In contrast, non-institutional buyers (NIIs) have shown relatively stronger interest, subscribing 1.13 times their allotted quota.

Smarten Power Systems IPO Subscription Status (as on July 8, 2025)

Subscription Momentum Picks Up on Day 2, But Overall Demand Still Below Expectations

On Day 1 of the IPO, overall subscription stood at a sluggish 0.11 times, with no participation from HNIs. However, Day 2 saw a surge in interest from the non-institutional segment, bringing the total subscription to 0.90 times.

IPO Structure Offers Balanced Allocation, But Retail Bids Lag

Smarten Power Systems has offered a total of 50,00,401 equity shares under the fixed price issue. Retail and non-institutional investors were allotted equal portions at 47.49% each, while 5.02% was set aside for the market maker.

• Market Maker: 2,50,800 shares (₹2.51 Cr)
• Retail Investors: 23,74,800 shares (₹23.75 Cr)
• Other Investors (NII/QIB): 23,74,800 shares (₹23.75 Cr)
• Total Issue Size: 50,00,401 shares (₹50.00 Cr)

The offering includes a fresh issue of 40.01 lakh shares worth ₹40.01 crores and an offer for sale of 10 lakh shares worth ₹10 crores.

Allotment and Listing Dates Announced, Fixed Price and Lot Size Detailed

The IPO bidding window will close on July 9, 2025, with allotment expected on July 10. The shares are set to be listed on NSE SME on July 14.

• IPO Dates: July 7–9, 2025
• Listing Date: July 14, 2025
• Face Value: ₹10 per share
• Issue Price: ₹100 per share
• Lot Size: 1,200 shares
• Minimum Retail Investment: ₹1,20,000 (1 lot)
• Minimum HNI Investment: ₹3,60,000 (3 lots)

IPO Funds Target Battery Line, Working Capital, and Expansion

The proceeds from the IPO will be used for key capital and operational requirements. The largest allocation is for working capital, followed by equipment acquisition and capex.

• Purchase of battery manufacturing unit equipment – ₹4.19 Cr
• Working capital needs – ₹22.00 Cr
• Partial loan repayment – ₹0.95 Cr
• Capital expenditure – ₹4.46 Cr
• General corporate purposes – ₹4.70 Cr

Key Managers and Registrars

• Book-running Lead Manager: Arihant Capital Markets Ltd
• Registrar: Maashitla Securities Pvt Ltd
• Market Maker: Arihant Capital Markets Ltd

About the Company: Solar and Power Backup Brand with Pan-India Presence

Founded in 2014, Smarten Power Systems Ltd. is engaged in designing and assembling power backup and solar energy solutions. The company operates under the SMARTEN brand and owns a registered patent. Its product portfolio includes:

• Home UPS Systems
• Solar Inverters and Power Conditioning Units (PCUs)
• Solar Charge Controllers
• Solar Panels
• Inverter Batteries

Operating across 23 Indian states and two union territories, Smarten also exports to 17 countries, primarily in the Middle East, Africa, and South Asia. The company manages a distribution network of 382 partners and 52 service centres.

Smarten’s public offering continues to draw moderate investor interest, with one day left for the subscription window to close. Investors are closely watching retail demand to determine the IPO’s final performance.

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