Smarten Power Systems Limited is launching a fixed price IPO of ₹50.01 crores, comprising a fresh issue of 40.01 lakh equity shares aggregating ₹40.01 crores and an offer for sale (OFS) of 10 lakh equity shares totaling ₹10.00 crores. This mix of fresh issue and OFS allows the company to raise capital for its business expansion while also providing an exit opportunity to existing shareholders.
The IPO will be open for public subscription from Monday, July 7, 2025, to Wednesday, July 9, 2025. Investors will have a three-day window to apply for the shares through their respective brokers or trading platforms. The basis of allotment is expected to be finalized on Thursday, July 10, 2025, and the shares are proposed to be listed on the NSE SME platform, with a tentative listing date of Monday, July 14, 2025.
The IPO is priced at ₹100 per equity share, which reflects the company’s current valuation and future growth outlook. The issue is offered in lots of 1,200 shares, making the minimum investment for retail investors ₹1,20,000. This higher entry point is typical for SME IPOs, which are designed for serious and long-term investors. For High-Net-Worth Individuals (HNIs), the minimum application size is three lots, i.e., 3,600 shares, requiring an investment of ₹3,60,000.
Smarten Power Systems will list on the NSE SME platform, a dedicated exchange segment tailored for small and medium-sized enterprises seeking to raise capital, increase visibility, and scale their operations. This platform also allows investors to discover promising, early-stage companies with strong fundamentals and high growth potential.
Refer to Smarten Power Systems IPO DRHP for detailed information.
Smarten Power Systems IPO Details
| General | Details |
|---|---|
| IPO Date | July 7, 2025 to July 9, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price | ₹100 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 50,00,400 shares (aggregating up to ₹50.00 Cr) |
| Reserved for Market Maker | 2,50,800 shares (aggregating up to ₹0.0010 Cr) |
| Fresh Issue (Ex Market Maker) | 37,50,000 shares (aggregating up to ₹37.50 Cr) |
| Offer for Sale | 9,99,600 shares of ₹10 (aggregating up to ₹10.00 Cr) |
| Net Offered to Public | 47,49,600 shares (aggregating up to ₹47.50 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,50,00,000 shares |
| Share Holding Post Issue | 1,90,00,800 shares |
Smarten Power Systems IPO Lot Size
Retail investors can apply for 1 lot of 1,200 shares, requiring a minimum investment of ₹1,20,000. Bids must be placed in multiples of this lot size.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,40,000 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,40,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,60,000 |
| S-HNI (Max) | 8 | 9,600 | ₹9,60,000 |
| B-HNI (Min) | 9 | 10,800 | ₹10,80,000 |
Smarten Power Systems IPO Timeline
| IPO Timeline | Dates |
|---|---|
| IPO Open Date | Mon, Jul 7, 2025 |
| IPO Close Date | Wed, Jul 9, 2025 |
| Tentative Allotment | Thu, Jul 10, 2025 |
| Initiation of Refunds | Fri, Jul 11, 2025 |
| Credit of Shares to Demat | Fri, Jul 11, 2025 |
| Tentative Listing Date | Mon, Jul 14, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 9, 2025 |
Smarten Power Systems IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 2,50,800 (5.02%) |
| NII (HNI) Shares Offered | 23,74,800 (47.49%) |
| Retail Shares Offered | 23,74,800 (47.49%) |
| Total Shares Offered | 50,00,400 (100.00%) |
Smarten Power Systems IPO Promoter Holding
| Promoter Share Issue | Promoter Holding (%) |
|---|---|
| Share Holding Pre Issue | 91.67% |
| Share Holding Post Issue | 67.10% |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue – Share Holding Post Issue
About Smarten Power Systems Limited IPO
Smarten Power Systems Limited IPO is drawing attention due to the company’s robust fundamentals and strong product portfolio. Incorporated in 2014 and headquartered in Gurgaon, Haryana, Smarten Power Systems Limited is a technology-driven company engaged in designing, manufacturing, and distributing a wide range of power-backup and solar energy solutions. Operating under the brand name Smarten, it offers reliable products such as Home UPS systems, Solar Inverters, Power Conditioning Units (PCUs), Charge Controllers, Solar Batteries, and Solar Panels. With a focus on green energy and power efficiency, the company aims to be a one-stop energy solution provider for residential, commercial, and industrial segments.
As part of the Smarten Power Systems Limited IPO, investors are evaluating the company’s vast domestic footprint and growing international reach. Smarten currently serves customers across 23 Indian states and 2 union territories, while exporting its products to over 17 countries across Africa, the Middle East, and South Asia. As of FY24, the company is actively expanding its presence as a global player in the energy storage and solar power sector.
Product Strengths
- Home UPS
- Solar Inverter
- Power Conditioning Unit (PCU)
- Tubular Battery
- Lithium Battery
- Charge Controller
- Solar Panel
- Off-Grid Solar Kit
- IoT-Enabled UPS
- MPPT-Based PCU
Competitive Strengths of Smarten Power Systems Limited IPO
- Strong Distribution Network:
Smarten Power has a wide domestic presence across 23 states and 2 union territories, ensuring deep market penetration and brand visibility in urban and rural markets. - Global Export Footprint:
The company exports its products to over 17 countries, including regions in Africa, the Middle East, and South Asia, allowing it to diversify revenue sources and build global recognition. - Experienced Leadership:
The promoter group includes veterans from Su-Kam and Delta Energy, bringing in-depth knowledge of power electronics, supply chain management, and product innovation. - In-House R&D Capabilities:
Smarten has its own research and development team focused on product innovation, component optimization, and cost efficiency, helping the brand stay ahead of unorganized competitors. - Modern Manufacturing Infrastructure:
The company operates an ISO-certified facility with a capacity of 600+ units per day, with a new unit under development in Jhajjar, Haryana to significantly boost output. - Tech-Enabled After-Sales Service:
Smarten offers app-based customer support, easy service request tracking, and fast issue resolution, building long-term customer trust and retention. - Strong Focus on Semi-Urban & Rural Segments:
The product line is optimized for low-voltage and power-deficient areas, giving it a competitive edge in Tier-2, Tier-3 cities, and rural regions where demand for power backup is consistently high. - Growing Brand Positioning:
The company is increasingly recognized for offering affordable yet high-quality solar and backup power products, positioning itself as a trusted name in the clean energy transition.
Company Financials
Smarten Power Systems Limited IPO Financial Information
Smarten Power Systems Limited’s revenue increased by 2% and profit after tax (PAT) rose by 13% between the financial year ending with March 31, 2025 and March 31, 2024.
| Category | Year 2025 | Year 2024 | Year 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 97.24 | 79.28 | 76.01 |
| Revenue | 203.20 | 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 ₹ Crore | |||
Key Performance Indicator (KPI)
| 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 | 6.72 |
| P/E (x) | 11.75 | 14.88 |
Note:
- The Pre-IPO EPS has been computed based on the pre-issue shareholding as mentioned in the Red Herring Prospectus (RHP) and the most recent financial results for the year ended March 31, 2025.
- The Post-Issue EPS is derived using the post-issue shareholding and the annualized financial performance for the fiscal year ending March 31, 2025, as disclosed in the RHP.
Objects of the Issue
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Purchase of movable assets of the production line of battery manufacturing unit | 4.19 |
| 2 | To meet the working capital requirements | 22.00 |
| 3 | Repayment in full or in part, of the outstanding borrowings | 0.95 |
| 4 | Funding capital expenditure requirements | 4.46 |
| 5 | General corporate purposes | 4.70 |
Smarten Power Systems Limited Contact Details
- Smarten Power Systems Limited
374,
1st Floor Pace City-2
Sector – 37,
Gurgaon, Haryana, 122001 - Phone: 0124-2210651
- Email: cs@smartenpowersystems.com
- Website: http://www.smartenpowersystems.com/
Smarten Power Systems Limited IPO Registrar
- Maashitla Securities Private Limited
- Phone: +91-11-45121795-96
- Email: ipo@maashitla.com
- Website: https://maashitla.com/allotment-status/public-issues
Smarten Power Systems Limited IPO – Key Strengths and Risks
Pros
- Wide product range (UPS, Inverter, Battery, Solar Panel)
- Presence in 23 Indian states and 17+ countries
- Experienced promoters (Ex-Su-Kam, Delta Energy)
- Strong demand in renewable & solar segment
- In-house R&D and ISO-certified plant
- New plant expansion in Jhajjar for higher capacity
- IoT-enabled products and app-based service support
Cons
- High retail entry cost (₹1,20,000 per lot)
- Operates in a competitive and fragmented market
- Heavy reliance on solar product segment
- NSE SME listing may limit liquidity
- Lower brand recognition vs major peers
- Sensitive to govt policy and subsidy changes
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