Smarten Power Systems is launching its IPO with a fixed issue size of ₹50.00 crore. The offering includes a fresh issue of 40.01 lakh equity shares, amounting to ₹40.01 crore, and an offer for sale of 10.00 lakh equity shares, aggregating to ₹10.00 crore.
The IPO opens for subscription on July 7, 2025, and will close on July 9, 2025. The allotment of shares is expected to be finalised on July 10, 2025. The company is set to be listed on the NSE SME platform, with a tentative listing date scheduled for July 14, 2025.
The fixed price issue IPO is priced at ₹100 per share. Retail investors need to apply for a minimum of 1,200 shares, requiring an investment of ₹1,20,000. High Net-Worth Individuals (HNIs) must invest in at least 3 lots, which equals 3,600 shares, amounting to ₹3,60,000.
Arihant Capital Markets Limited is the book-running lead manager for the IPO, while Maashitla Securities Private Limited is acting as the registrar. Arihant Capital Markets Limited also serves as the market maker for the issue.
Industry Outlook
- Global renewable energy capacity is expected to reach 5,500 GW by 2030, nearly triple the installations from 2024. Wind and solar are projected to contribute 95% of this growth. This rising demand offers Smarten Power Systems Limited a large opportunity to supply its energy solutions globally.
- India’s solar capacity reached 73.32 GW by December 2023, with a record 10 GW added in Q1 2024 alone. This rapid growth, driven by policy support and falling costs, creates a favourable market for Smarten Power Systems Limited to expand its solar product offerings.
- The PM Surya Ghar Muft Bijli Yojana aims to install rooftop solar systems in 1 crore homes with subsidies up to ₹78,000. This, along with India’s solar PV panel market expected to grow at a 9.4% CAGR till 2030, positions Smarten Power Systems Limited to benefit from increasing residential and commercial solar adoption.
Smarten Power Systems IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used to buy movable assets for the battery production line to enhance manufacturing capacity.
- A portion of the proceeds will support day-to-day operational expenses to ensure smooth business functioning.
- The company plans to reduce its debt by repaying part or all of its existing loans.
- Investment will be made in expanding infrastructure or upgrading technology to support future growth.
- Remaining funds will be allocated towards general corporate purposes and other strategic needs.
About Smarten Power Systems Limited
Smarten Power Systems Limited is a company engaged in designing and assembling power backup and solar energy products. The product portfolio includes Home UPS systems, solar inverters, solar power conditioning units (PCUs), solar charge controllers, along with trading of solar panels and batteries.
Products are sold through a network of distributors across India and are also exported to over 17 countries, mainly in the Middle East, Africa, and South Asia. As of now, the company operates in 23 states and 2 union territories within India.
The company was incorporated on July 30, 2014, and converted to a public limited company in November 2024. Smarten’s registered office is located in Gurgaon, Haryana. The business is promoted by four individuals—Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, and Tirath Singh Khaira—who bring over two decades of experience in the power backup industry.
Smarten operates through well-equipped facilities including leased production units and warehouses in Gurgaon. A new manufacturing facility is under development in Jhajjar, Haryana, aimed at boosting production capacity from 600 to 1,200 units per day. This facility, located in the Model Economic Township, will enhance logistics and connectivity.
The company caters to a broad customer base with application-centric products backed by in-house R&D and quality assurance systems. Around 66.51% of revenue is generated from domestic sales and 33.49% from exports. Smarten Power Systems continues to grow its presence in India and international markets, focusing on sustainable and affordable energy solutions.
How To Check the Allotment Status of Smarten Power Systems IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had appliedfor and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Smarten Power Systems IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Smarten Power Systems IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Smarten Power Systems IPO
Registered office: 374, 1st Floor Pace City-2, Sector - 37, Gurgaon, Haryana122001
Phone: 0124-2210651
E-mail: cs@smartenpowersystems.com
Smarten Power Systems IPO Reservation
|
Investor Category |
Number of Shares Allotted |
Percentage of Issue |
|
Market Maker |
2,50,800 |
4.78 |
|
Non-Institutional Investors (NII) |
23,74,800 |
45.22 |
|
Retail Individual Investors (RII) |
23,74,800 |
45.22 |
|
Total |
50,00,400 |
100.00 |
Smarten Power Systems IPO 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 |
|
HNI (Min) |
3 |
3,600 |
₹3,60,000 |
|
B-HNI (Min) |
9 |
10,800 |
₹10,80,000 |
Smarten Power Systems IPO Category Reservation Detail
|
Application Category |
Bidding Limits |
|
Only Individual investor (retail) |
2 lots |
|
Only sNII |
3 lots - 8 lots |
|
Only bNII |
9 lots and above |
Smarten Power Systems IPO Promoter Holding
The promoters of the company include Arun Bhardwaj, Rajnish Sharma, Ravi Dutt and Tirath Singh Khaira.
|
Share Holding Pre-Issue |
91.67% |
|
Share Holding Post Issue  |
67.10% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Smarten Power Systems IPO
|
KPI |
Value |
|
RoE (%) |
39.72 |
|
RoCE (%) |
32.58 |
|
RoNW (%) |
33.14 |
|
PAT Margin (%) |
6.28 |
|
Price to Book Value |
5.82 |
Smarten Power Systems IPO Prospectus
Smarten Power Systems IPO Registrar and Lead Managers
Smarten Power Systems IPO Lead Managers
- Arihant Capital Markets Limited
Registrar for Smarten Power Systems IPO
Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
Smarten Power Systems IPO Registrar
Financial Performance of Smarten Power Systems Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 19,519.57 | 17,993.49 |
| Profit/ (loss) for the year (in ₹ lakh) | 1,129.00 | 515.66 |
| Earnings per Share (₹) | 7.53 | 3.51 |
| Net Worth (in ₹ lakh) | 2,576.70 | 1,447.70 |
| Total borrowings (₹ in Lakhs) | 667.77 | 413.06 |
| Return on Equity (ROE) (%) | 56.11 | 44.77 |
| EBITDA (in ₹ lakh) | 1,354.45 | 186.10 |
Know before investing
Strengths
8Offers over 372 SKUs across six categories for diverse customer needs.
Uses sine-wave, PWM, and MPPT technology for safer, efficient power solutions.
R&D team of 7 developed compact, smart and high-efficiency power products.
Present in 23 states, 2 UTs and exports to 17 global markets.
Backed by 347 distributors, 49 service centres and 73 service engineers nationwide.
Strong vendor network with 100+ suppliers supports smooth, quality-driven operations.
New facility at MET Jhajjar to double capacity from 600 to 1,200 units.
Plans backward integration into battery manufacturing to reduce vendor dependency risks.
Risks
8Leased premises under litigation could disrupt operations if lease ends.
Haryana and Uttar Pradesh contribute major revenue, posing regional risk.
No long-term distributor contracts may affect sales and business continuity.
Top 10 customers contribute over 44% revenue, increasing dependency risk.
₹2,200 lakh needed for working capital in Fiscal 2026.
Reliance on raw material suppliers may disrupt product assembly timelines.
Top five suppliers form over 95% of trading purchases.
Heavy reliance on core products risks impact from demand fluctuations.
Smarten Power Systems IPO Peer Comparison
| Company Name | P/E Ratio | EPS (₹) | Return on Net Worth (%) | NAV per Share (₹) |
|---|---|---|---|---|
| Smarten Power Systems Ltd | - | 7.53 | 43.82 | 17.18 |
| GP Eco Solutions Ltd | 30.53 | 8.68 | 32.01 | 27.13 |
| Sungarner Energies Ltd | 108.24 | 5.22 | 11.19 | 41.32 |
