Smarten Power Systems was incorporated on July 30, 2014. The company designs and assembles power backup and solar energy products, including home UPS systems, solar inverters, power conditioning units, and charge controllers. It also trades in solar panels and batteries. Products are sold across India through distributors and exported to over 18 countries
| Bidding Dates |
|---|
| 07 Jul 2025 - 09 Jul 2025 |
| Subscription |
|---|
| 5.26x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,40,000 | 2 | 2 | 1200 | 5.0 M | ₹100 | 67.1 % | ₹500.0 M | RHP DOC |
Smarten Power Systems IPO SUBSCRIPTION STATUS
10 Jul '25Smarten Power Systems IPO overall subscription rate was 5.26 times the total available shares
Smarten Power Systems IPO retail subscription rate was 4.48 times in the retail segment
Smarten Power Systems IPO non-institutional investor subscription rate was 6.04 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 50% | 50% | - |
10 Jul 2025 (Day 4) | 4.48x | 6.04x | - |
09 Jul 2025 (Day 3) | 4.48x | 6.04x | - |
08 Jul 2025 (Day 2) | 0.63x | 1.17x | - |
07 Jul 2025 (Day 1) | 0.2x | 0.5x | - |
Smarten Power Systems FINANCIALS
| Period | Net Profit (Rs in crore) | Revenue from Operations (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 12.8 | 201.7 | -2.5 | -6.3 | 8.4% |
| FY24 | 11.3 | 195.2 | 0.2 | -1.2 | 6.9% |
| FY23 | 5.2 | 179.9 | -2.5 | -2.9 | 1.0% |
Smarten Power Systems IPO SUBSCRIPTION STATUS DETAILS
Smarten Power Systems had 5.0 M shares on offer
Smarten Power Systems IPO offer price was ₹100
Smarten Power Systems IPO minimum Investment was ₹240000
Smarten Power Systems IPO issue size was ₹ 500.0 M
Smarten Power Systems had a minimum lot size of 1200 Shares per application
Smarten Power Systems NUMBER OF SHARES ON OFFER
Smarten Power Systems IPO IMPORTANT DATES
| Issue Open Date | 07 Jul 2025 |
| Issue close Date | 09 Jul 2025 |
| Allotment Date | 10 Jul 2025 |
| Refund Date | 11 Jul 2025 |
| Demat Account Credit Date | 11 Jul 2025 |
| Listing Date | 14 Jul 2025 |
| Listing on Exchange(s) | NSE |
| Smarten Power Systems Allotment Status | Exchange/ Registrar |
Smarten Power Systems IPO subscription opened on 07 Jul 2025, and closed on 09 Jul 2025
IPO allotment for Smarten Power Systems was finalized on Thursday, 10 Jul 2025
IPO listing for Smarten Power Systems was on NSE on Monday, 14 Jul 2025
Smarten Power Systems IPO LISTING GAINS
| Issue Price (adjusted) | 100.0 |
| Listing Open Price | 144.0 |
| Listing Close Price | 151.2 |
| Listing Gain% | 44.0% |
| Current Gain% | -49.3% |
Smarten Power Systems Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Smarten Power Systems Ltd. | 50.8 | 96.4 | 11 | -0.4 | 0.4 | 10.5 | 6.3 | 244.3 | 20.2 | 8.8 | -31.1 | 4.6 | -31.1 |
| Havells India Ltd. | 1285 | 80562 | 49.3 | 3.1 | 3.4 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.1 | 15.7 |
| Waaree Energies Ltd. | 2701 | 77694.6 | 20.4 | 0.3 | 2.6 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 132.7 | 72 |
| Apar Industries Ltd. | 16448 | 66094.1 | 55.9 | 1.6 | 2.7 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 294 | 34 |
| Premier Energies Ltd. | 1044.1 | 47397.1 | 28.5 | 0.5 | 5.6 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Honeywell Automation India Ltd. | 38035 | 33628.6 | 61 | 7.9 | 7.2 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 623.3 | 7.7 |
Smarten Power Systems INFORMATION ON IPO ISSUE
About Smarten Power Systems
Smarten Power Systems was incorporated on July 30, 2014. The company designs and assembles power backup and solar energy products, including home UPS systems, solar inverters, power conditioning units, and charge controllers. It also trades in solar panels and batteries. Products are sold across India through distributors and exported to over 18 countries
Object of the Issue
- Purchase of movable assets of the production line of battery manufacturing unit
- To meet the working capital requirements
- Repayment in full or in part, of the outstanding borrowings
- Funding capital expenditure requirements
- General corporate purposes
Smarten Power Systems - PROMOTERS
| Name |
|---|
| Arun Bhardwaj |
| Rajnish Sharma |
| Ravi Dutt |
| Tirath Singh Khaira |
Smarten Power Systems Lead Manager to the issue
Arihant Capital Markets Limited
mbd@arihantcapital.com
Smarten Power Systems Registrar to the issue
Maashitla Securities Private Limited
ipo@maashitla.com
Smarten Power Systems Strengths
R&D capabilities
The company maintains a dedicated R&D team of seven specialists with deep expertise in power electronics, inverter design, and energy storage systems. This focus has led to the development of advanced products like MPPT-based inverters, high-efficiency converters, and smart energy management systems
Distribution network
The company has built an extensive distribution and service network across 23 Indian states, 2 union territories, and internationally via 31 distributors. Its two-tier service system—using in-house engineers and distributor-based franchise agreements—ensures prompt complaint resolution and enhances customer satisfaction
Diverse product portfolio
The company offers over 372 SKUs across five key categories: home UPS systems, solar inverters, power conditioning units, solar charge controllers, and batteries. These products cater to a wide range of customers, from households to commercial solar installations
Smarten Power Systems Risks
Geographically concentrated
The company derives a significant portion of its revenue from Haryana and Uttar Pradesh, making its business vulnerable to region-specific economic, regulatory, and infrastructural challenges. Any adverse events in these states—such as economic downturns, policy changes, increased competition, or disruptions in power supply—could negatively impact operations and financial performance
Depend on Distributors
The company operates without long-term agreements with its distributors, relying instead on non-exclusive arrangements. This exposes it to the risk of distributor disengagement, failure to make timely payments, or prioritization of competitor products offering better incentives
Depend on Suppliers
The company heavily depends on third-party suppliers for raw materials required in its Home UPS Systems and Solar Inverters/Solar PCUs, as well as for batteries and solar panels used in its trading business. Although multiple suppliers are engaged to mitigate dependency, the top five suppliers contribute over 85% of purchases for its trading operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 10.0 crore, of 999,600 shares. It also consists of a fresh issue of Rs 40.0 crore.
The promoters of the company are Arun Bhardwaj, Rajnish Sharma, Ravi Dutt and Tirath Singh Khaira.
The category allocation of qualified institutional buyers is 0.0%, the category allocation of non individual investors or high networth individuals is 50.0% and for retail investors it is 50.0%.
The price band of the IPO is Rs 100.0 - 100.0.
The IPO application opens on Jul 07, 2025 and closes on Jul 09, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 240,000.0.
This IPO will be allotted on Jul 10, 2025.
The refund will be credited to your account on Jul 11, 2025.
The allotted shares will be credited to your demat on Jul 11, 2025.
Smarten Power Systems Ltd.’s shares listed on the stock exchanges on Jul 14, 2025.