Infrax Renewable SME IPO GMP Today and Subject 2 Price
Infrax Renewable SME IPO Grey Market Premium (GMP) today stands at ₹ 0, indicating cautious or neutral market sentiment ahead of listing. The Kostak rate is currently not available, while the Subject to Sauda price is quoted at currently not available. You can check the day-wise GMP trend below to track price movement and investor sentiment over time.
Infrax Renewable SME IPO is scheduled to open for subscription on September 9, 2026. The public issue aims to raise around ₹40.88 Cr. and is offered in a price band of ₹104 per share, with a market lot of 1200 shares. Investors are closely watching subscription data and grey market trends ahead of the listing.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| No GMP history available yet. | |||||
Infrax Renewable SME IPO Dates
| Event | Date |
|---|---|
| Open Date | 09 Sep, 2026 |
| Close Date | 11 Sep, 2026 |
| Allotment Date | 15 Sep, 2026 |
| Refund Date | 16 Sep, 2026 |
| Credit to Demat | 16 Sep, 2026 |
| Listing Date | 17 Sep, 2026 |
Infrax Renewable SME IPO Expected Listing Price
| Basis | Value |
|---|---|
| Issue Price (Upper Band) | ₹104 |
| Current GMP | ₹ 0 |
| GMP-Based Listing Estimate | Not yet available |
| Listing Date | 17 Sep, 2026 |
Disclaimer: The listing price estimate above is based purely on the current grey market premium (GMP) and is not a guaranteed prediction. GMP is an unofficial, unregulated indicator and can change significantly in the 24–48 hours before listing. Do not make investment decisions based solely on GMP.
Is Infrax Renewable SME IPO GMP Reliable?
Grey market premium for Infrax Renewable SME IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the Infrax Renewable SME IPO full review for a fundamentals-based assessment before making any grey market trades.
Infrax Renewable SME IPO IPO Kostak Rate Explained
The Kostak rate for Infrax Renewable SME IPO is currently not active. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price has not been quoted yet. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About Infrax Renewable SME IPO
First, it provides engineering, procurement and construction services, known as EPC, for solar power projects. This covers the complete job of design, engineering, buying the equipment, installation, testing, commissioning, running and maintaining the plant, and helping with regulatory work. It does rooftop projects for homes and ground mounted projects for commercial customers.
Second, it works as an Independent Power Producer, which means it owns a solar plant and sells the electricity. In 2026 it commissioned a 1.2 MW solar power plant at Bhadla, Jasdan, in Rajkot district of Gujarat, and sells the power to Paschim Gujarat Vij Company Limited under a 25 year power purchase agreement.
Third, it sells solar products including solar PV modules, both polycrystalline and monocrystalline, solar inverters and other related equipment, sourced from India and abroad. It sells through a dealer network to residential, commercial and industrial customers, and has been empanelled as a national vendor under the Government of India PM Surya Ghar: Muft Bijli Yojana scheme.
Strengths & Risks
Strengths
- ✓ Sales have grown very fast, from Rs 9.66 crore in FY2024 to Rs 30.48 crore in FY2025 and Rs 93.33 crore in FY2026.
- ✓ Profit has grown alongside, from Rs 0.96 crore in FY2024 to Rs 2.85 crore in FY2025 and Rs 10.20 crore in FY2026.
- ✓ Return ratios are the highest in this batch of issues, with RoCE of 63.89% and RoNW of 64.68%.
- ✓ The issue is priced at about 14.5 times earnings on an EPS of Rs 7.17, which is modest against that growth.
- ✓ The 25 year power purchase agreement with PGVCL for its own 1.2 MW plant gives a long term contracted income stream.
- ✓ The business has three legs, EPC work, its own power generation and the sale of solar products, so it is not dependent on one activity.
- ✓ It is empanelled as a national vendor under the PM Surya Ghar scheme, which is the main government push for rooftop solar.
- ✓ Borrowing is low at Rs 6.99 crore, and EBITDA improved from Rs 1.76 crore in FY2024 to Rs 14.56 crore in FY2026.
Risks
- ⚠ There is a serious inconsistency in the offer document data. The company is stated to have been incorporated in September 2024, yet financial figures are shown for FY2024 and FY2025, which cover periods ending before or around that date. This must be checked in the RHP before relying on the three year record.
- ⚠ The growth is from a very small base. Income went up nearly ten times in two years, from Rs 9.66 crore to Rs 93.33 crore, and that pace cannot be assumed to continue.
- ⚠ The company is small relative to what it is raising. Net worth was Rs 15.77 crore as on 31 March 2026 against an issue of Rs 40.88 crore, which is more than twice its own funds.
- ⚠ Rooftop solar demand depends heavily on the PM Surya Ghar scheme and on state subsidies. Any change in scheme terms or delay in subsidy payment would directly affect orders.
- ⚠ Solar module prices are volatile and a large part of supply is imported, so cost and availability are outside the company's control.
- ⚠ Its own generation is small at 1.2 MW, so the steady IPP income is a minor part of the business at present.
- ⚠ A part of the money goes into a proposed manufacturing facility, which is a new activity compared with its current EPC and trading work and brings execution risk.
- ⚠ This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- ⚠ Promoter holding falls from 70.64% to 49.73% after the issue, leaving the promoters below a half share.
- ⚠ This is a fixed price SME issue at Rs 104 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.25 lakh, and SME shares usually trade in low volume after listing.
Frequently Asked Questions about Infrax Renewable SME IPO
What is the GMP of Infrax Renewable SME IPO?
The current Grey Market Premium (GMP) of Infrax Renewable SME IPO is not yet started or active in the market.
What is the Kostak Price of Infrax Renewable SME IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for Infrax Renewable SME IPO is currently not available.
What is the Subject to Sauda Price of Infrax Renewable SME IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What is the expected listing price of Infrax Renewable SME IPO based on GMP?
The listing price estimate is not yet available as GMP has not been established for Infrax Renewable SME IPO. Check back closer to the subscription date.
Is the GMP of Infrax Renewable SME IPO increasing or decreasing?
The GMP of Infrax Renewable SME IPO is currently stable. Track the day-wise GMP table above for the latest movement.
Explore Infrax Renewable SME IPO Further
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