Oriana Power will open its Initial Public Offering (IPO) for subscription by the first week of August as it looks to raise up to INR 60 crore ($7.3 million), CEO Rupal Gupta said today. The company will use the proceeds for working capital, RESCO mode capital expenditure, and technology upgradation requirements.
Founded by Rupal Gupta, Anirudh Saraswat, and Praveen Kumar, Oriana Power installs projects on EPC and Resco basis. The company has delivered a cumulative 100+ MW of projects and has over 200 MW of projects in the pipeline. Going forward, it plans to install high-capacity projects and diversify into green hydrogen. The new branding ‘TrueRE’ is in line with the company’s objective to cater to a wider RE market.
Oriana Power has filed draft papers for its proposed IPO with NSE Emerge and has successfully closed its pre-IPO round with the participation of reputed capital market investors.
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