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Subscription status

Smarten Power IPO Subscription (closed)
QIB NII x RII x Total x Applications
0.00 6.31 4.66 5.51 5777
Subscription Review:
Unimpressive subscription trend on the last day

 Listing Review

The IPO is listed at Rs. 144, premium of 44% over the issue price. The listing is much above the expectations of the grey market.

 

 

What is the business of Smarten Power?

Smarten Power Systems Limited – Powering India’s Energy Evolution

Founded in 2014, Smarten Power Systems Limited has emerged as a dynamic force in the power backup and solar energy sector. The company designs, assembles, and markets a wide range of energy solutions under its flagship SMARTEN brand — a name backed by a registered patent and trusted by customers across India and beyond.

From home UPS systems and solar inverters to power conditioning units (PCUs), solar charge controllers, panels, and batteries, Smarten offers an expansive portfolio of 372 SKUs across six essential categories tailored for modern energy needs.

With operations spread across 23 Indian states and 2 union territories, Smarten’s footprint extends globally to 17 countries, including strategic markets in the Middle East, Africa, and South Asia — making it a rising global brand in the renewable energy space.

Supported by a strong network of 382 distributors and 52 service centers, Smarten ensures robust after-sales support and service reach. As of May 31, 2025, the company employs 252 skilled professionals who drive its innovation and growth.

Product Lineup:

  • Home UPS Systems

  • Solar Inverters / PCUs

  • Solar Charge Controllers

  • Solar Panels

  • Inverter Batteries

Whether you’re seeking reliable power backup or tapping into the potential of solar energy, Smarten Power Systems stands at the intersection of performance, reliability, and sustainability.

Smarten Power IPO Details

Sector: 

IPO opens on  7 July 2025
IPO closes on  9 July 2025
Issue Type Book Built Issue IPO
Issue Size 5000,400 Shares /
Rs 50.00 Crore
* Fresh Issue
* Offer for Sale – – Shares/
Rs.? Crore
Market Maker Portion 250,800 Shares
Net offer to Public 4749,600 Shares
Rs.47.50 Crores
Face Value per share Rs. 10
Price Band Rs. 100
Employee discount  Rs. 0 per share
Retail Lot Size  1200 Shares
Listing will at  NSE SME
Investor Category Shares Offered % Rs.
in Cr.
Market Maker 250800 5.02  
QIB Shares     
NII (HNI)  2374800 47.49  
Retail  2374800 47.49  
Total 3229900 100  
       
Application Lots Shares Amount,
Rs.
Retail (Min) 2 2400 240,000
Retail (Max) 2 2400 240,000
HNI (Min) 3 3600 360,000

Who are the Promoters of Smarten Power?

The company’s promoters are Arun Bhardwaj, Rajnish Sharma, Ravi Dutt and Tirath Singh Khaira.

What are the Objects of Smarten Power IPO?

1) Purchase of movable assets of the production line of battery manufacturing unit Rs. 4.19 Cr.
2) To meet the working capital requirements Rs. 22 Cr.
3) Repayment in full or in part, of the outstanding borrowings Rs. 0.95 Cr.
4) Funding capital expenditure requirements Rs. 4.46 Cr.
5) General corporate purposes Rs. 4.70 Cr.

Smarten Power IPO Timetable

Tentative timetable

IPO opens on 7 July 2025
IPO Closes on 9 July 2025
IPO Allotment on  10 July 2025
Refund Initiation  11 July 2025
Credit of Shares 11 July 2025
Listing on 14 July 2025
Registered Office of the Company
Smarten Power Systems Limited
374,
1st Floor Pace City-2
Sector – 37,
Gurgaon, Haryana, 122001
The Lead Manager of this IPO
Arihant Capital Markets ltd

Who is the Registrar to IPO?

Maashitla Securities Pvt ltd

Smarten Power IPO GMP grey market premium, review, Subscription, allotment, listing estimate

Smarten Power Financials

Period Ended 31-Mar-25 31-Mar-24 31-Mar-23
Assets 97.24 79.28 76.01
Revenue 203.2 198.73 186.06
Profit After Tax 12.77 11.29 5.16
EBITDA 16.92 13.54 1.86
Net Worth 38.54 25.77 14.48
Reserves and Surplus 23.54 24.77 13.48
Total Borrowing 16.59 6.68 4.13
Amount in Rs. Crore

Performance Indicators

KPI Values
ROE 39.72%
ROCE 32.58%
Debt/Equity 0.43
RoNW 33.14%
PAT Margin 6.28%
EBITDA Margin 8.39%
Price to Book Value 5.82
EPS Rs. 8.51
PE Ratio 11.75

How Smarten Power IPO compares with the Peers?

Company Name P/E (x) RoNW (%)
Smarten Power 11.75 33.14
Gp Eco Solutions India  42.26 15.99
Sungarner Energies 40.81 15.36


 

# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.

Smarten Power IPO Review by Paresh Gordhandas, CA & Research Analyst.

Company Overview:
Incorporated in 2014, Smarten Power Systems Limited has positioned itself as an emerging player in the power backup and solar energy sector. The company operates under its flagship brand SMARTEN, a registered trademark recognized for innovation and reliability. Its product portfolio includes home UPS systems, solar inverters, PCUs, charge controllers, batteries, and solar panels—spanning 372 SKUs across six product categories tailored to evolving energy needs.

Smarten has established a strong domestic presence across 23 states and 2 union territories in India, while also expanding its global footprint to 17 countries, including regions in the Middle East, Africa, and South Asia—demonstrating its ambition to become a notable global brand in renewable energy.


Financial Performance:
The company has delivered consistent growth in both revenue and profitability over the last three financial years. In FY 2024–25, Smarten reported a net profit of Rs.12.77 crore on total revenue of Rs.203.20 crore. The IPO is priced at a P/E multiple of 11.75, which appears reasonable based on current earnings.

However, a key concern arises from the high working capital requirement. As of March 31, 2025, the company had inventory of Rs.34.01 crore and trade receivables of Rs.38.23 crore, against total revenue of Rs.203.20 crore in FY 2024–25 (average monthly revenue of Rs. 16.92 crore). This means that over 4.26 months of average sales are tied up in inventory and receivables — a figure that signals inefficiency and requires closer scrutiny.

Fundamental View:
Moderately Positive — While financial growth and valuations are reasonable, working capital management raises red flags that investors should carefully evaluate.

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