July 14, 2025
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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 |
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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:
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Home UPS Systems
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Solar Inverters / PCUs
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Solar Charge Controllers
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Solar Panels
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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
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Sector: |
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| 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 |
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| 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 |
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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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