Himalayan Solar IPO
Himalayan Solar IPO is an SME IPO raising ₹68 Cr at ₹98 – ₹103 a share. It listed on 5 Oct 2026 at ₹85, −17.5% against its issue price of ₹103, and trades at ₹86 today (−16.7% since issue). It was subscribed 1.10× in total.
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs103. Checked: exchange issue size Rs68 Cr vs derived Rs68.1 Cr (0.1% apart).
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 3% below the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Ganesh Green Bharat Limited | 7.11× | 26.82% | ₹30.31 |
| Solarium Green Energy Limited | 14.99× | 12.58% | ₹9.81 |
| Australian Premium Solar (India) Limited | 8.34× | 35.24% | ₹28.7 |
| Himalayan Solar Limited | — | 44.04% | ₹12.74 |
| This issue | 8.1× | 44.04% | ₹12.74 |
derived: cut-off price Rs103 / stated EPS Rs12.74 (FY2026 (year ended March 31, 2026), Basic & Diluted EPS, restated on consolidated basis (post-bonus with retrospective effect, same as book value)). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.