Oriana Power plans to raise up to Rs 60 crore through IPO, says CEO

Oriana Power plans to come out with an Initial Public Offering (IPO) by the end of this month or early August to raise up to Rs 60 crore, its CEO Rupal Gupta said on Friday.

The proceeds will be utilised towards working capital, asset building and technology upgradation, Gupta said at a press conference.

The Draft Red Herring Prospectus (DRHP) has been filed for listing of shares on NSE Emerge.

Gupta said the IPO is expected to hit the market by the end of this month or the first week of August.

"We aim to raise around Rs 55-60 crore from the IPO," he added.

As per the DRHP, the three promoters (Rupal Gupta, Anirudh Saraswat and Praveen Kumar) currently hold 83.40 per cent in the company. Post issue, the promoters' stake in the company will reduce to 61.41 per cent.

Noida-based Oriana Power is a leading solar energy solution providers for their industrial and commercial customers.