Himalayan Solar IPO GMP, Price Band, Subscription Status, Allotment Date

Himalayan Solar IPO Review & Analysis

Our reading of the numbers below — growth rates, margins, pricing and demand are calculated from the company's own filed figures, not copied from anywhere.

Himalayan Solar is an SME issue raising ₹68 Cr, offered in a band of ₹98–₹103 per share. At the upper end that is 10.3 times the ₹10 face value, so ₹93 of every share subscribed is share premium rather than capital. SME issues list on the BSE SME or NSE Emerge platform rather than the main board. They trade in fixed lots after listing, carry no retail-versus-HNI cut-off bidding, and are usually far less liquid, so exiting a position can take longer than on the main board.

A retail application for Himalayan Solar needs one lot of 1200 shares, which works out to ₹1,23,600 at the upper band of ₹103. SME lots are deliberately sized above ₹1,00,000, so this is a far larger single commitment than a mainboard application and rules out most small investors. Retail applications are capped at ₹2,00,000, which here is 1 lot; bidding above that moves the application into the non-institutional category, and the large-HNI bucket begins at ₹10,00,000, or about 9 lots.

For Himalayan Solar, bidding runs 25-29 Sep, allotment is finalised on 30 Sep 2026, the shares list on 5 Oct 2026. Applications that do not receive an allotment have their UPI mandate released around 1 day after the issue closes. Counting from the close of bidding, money stays blocked for roughly 6 days before listing decides what the holding is worth.

The issue is reserved 19% to qualified institutional buyers, 28.45% to non-institutional investors, 47.53% to retail. A 47.53% retail share is the wider end of the range, which improves the odds for small applications when the book is only modestly oversubscribed. An oversubscribed retail portion is not allotted in proportion to the amount applied for: applications are reduced to single lots and drawn by lot, so several small applications from different PANs are more effective than one large one.

The issue splits into ₹57 Cr of fresh capital (83.8%) and ₹7 Cr as an offer for sale. The company keeps the fresh portion for the objects of the issue, while the rest is existing shareholders monetising their stake.

Revenue moved from ₹143.14 Cr in 31 Mar 2025 to ₹171.69 Cr in 31 Mar 2026 (+19.9%), while profit after tax went from ₹16.43 Cr to ₹20.67 Cr (+25.8%). Profit grew faster than revenue, which points to operating leverage or a better cost mix rather than growth bought purely through volume.

Subscription stands at 0.13x, which is below full. An issue must be subscribed at least once over to proceed at all; if it closes under that, the offer is withdrawn and all application money is refunded.

Maashitla Securities Pvt.Ltd. is the registrar for this issue, which means the allotment status for Himalayan Solar is published on their portal from 30 Sep 2026. A PAN, application number or demat client ID is enough to look it up; the credited shares also appear in the demat account itself a day or so before listing.

The figures above are worked out from the issue's own filed numbers and are for information only. They are not investment advice — read the RHP before you apply.