Oriana Power completes pre-IPO funding round


Oriana Power, which recently filed draft papers for its proposed initial public offering (IPO) with NSE Emerge, announced it has successfully closed its pre-IPO round with the participation of reputed capital market investors.

Chennai-based Anil Kumar Goel, known for his investments in sugar and textile stocks, led the pre-IPO round. Tikri Investments, the personal fund of JSW veteran Prashant Jain, also picked up a minority stake in the pre-IPO round. Meru’s founder Neeraj Gupta, the pioneer in the app-based taxi ecosystem and now a serial investor and advisor, also invested in his personal capacity.

Other investors included Jaipur-based Manoj Agarwal and MSMEx founder Amit Kumar.

Oriana Power’s proposed IPO with NSE Emerge comprises the issue of 50.55 lakh equity shares at a face value of INR 10 through the book-building route. The company expects to raise INR 50-55 crore the IPO. It will utilize issue proceeds towards meeting its working capital requirements (INR 23 crore), investment in subsidiary companies (INR 20 crore), capital expenditure for expansion purposes (INR 2 crore) and general corporate expenses.

Oriana Power was co-founded by entrepreneurs Anirudh Saraswat, Rupal Gupta and Parveen Kumar Jangra and commenced operations in 2017. The three promoters currently hold 83.40% in the company. Post issue, the promoters’ stake in the company would reduce to 61.41%.

For the year ended March 31, 2023, Oriana Power‘s revenue stood at INR 134 crore compared to INR 101 crore in the same period of 2022. Profit after tax almost doubled to INR 12.69 crore during the year ending March 31, 2023, from INR 6.96 crore registered in the previous fiscal year. The company recently introduced TrueRE as its corporate brand, highlighting its intent to further diversify into renewable energy avenues beyond solar.


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