Smarten Power Systems Limited is launching its ₹50.00 crore SME IPO on the NSE platform with a fixed price of ₹100 per share. The issue opens for subscription from July 7, 2025, and closes on July 9, 2025.

This comprehensive guide covers the company's background, IPO details, price band, lot size, subscription trends, financials, valuation, objectives, GMP updates, and final investor recommendation.

Company Overview

Smarten Power Systems is engaged in designing and assembling a variety of power backup and advanced solar power products, including:

• Home UPS systems

• Solar inverters

• Solar power conditioning units (PCUs)

• Solar charge controllers

The company also trades solar panels and batteries. Domestically, products are sold through distributors, while international exports (except solar panels) extend Smarten’s reach beyond India.

Promoted by Arun Bhardwaj, Rajnish Sharma, Ravi Dutt, and Tirath Singh Khaira, each with over 20 years’ experience in the power-backup industry, the company positions itself as a cost-efficient solutions provider in the solar and battery segment.

IPO Structure & Details

• IPO Type: Fixed Price Issue

• Total Issue Size: ₹50.00 Crores

• Fresh Issue: 40.00 lakh shares (₹40.00 Crores)

• Offer for Sale (OFS): 9.99 lakh shares (₹10.00 Crores)

• Face Value: ₹10 per share

• Issue Price: ₹100 per share

• Lot Size: 1,200 shares

• Retail Minimum Investment: ₹2,40,000 (2 lots = 2,400 shares)

• Post-issue Market Capitalisation: ₹190.00 Crores

Important IPO Dates

Grey Market Premium (GMP) Update

✅ As of July 9, 2025, the GMP for Smarten Power Systems IPO is ₹0.

Note: GMP is an unregulated, informal indicator, useful for gauging sentiment but not reliable for pricing discovery.

IPO Subscription Status (Live Update)

✅ As of 11:30 AM on July 9, 2025 (Final Day):

• Total Subscription: 1.56 times

Investors can track real-time updates on the NSE SME platform for detailed reservation categories.

Objectives of the IPO

Smarten Power Systems plans to use net proceeds as follows:
1️⃣ ₹418.90 lakh – Purchase of movable assets for a new battery production line.
2️⃣ ₹2,200.00 lakh – Working capital requirements.
3️⃣ ₹95.00 lakh – Repayment/Prepayment of borrowings.
4️⃣ ₹446.15 lakh – Capital expenditure.
5️⃣ ₹469.91 lakh – General corporate purposes.

These objectives highlight expansion and strengthening of production capabilities, reflecting the company’s commitment to growth.

Lead Manager & Market Maker

• Lead Manager: Arihant Capital Markets Limited

• Registrar: Maashitla Securities Private Limited

• Market Maker: Arihant Capital Markets Limited

Their involvement lends process credibility, especially important in SME IPOs.

Financial Performance

The company’s financials demonstrate steady growth:

✔️ Consistent revenue growth
✔️ Doubling of EBITDA over two years
✔️ More than double profit over FY23–FY25

Valuation Metrics

✅ Takeaway: IPO is fairly priced relative to industry P/E. However, with a GMP of ₹0, there is little grey-market enthusiasm for listing gains.

Strengths

⭐ Experienced promoter group (20+ years in power-backup industry)
⭐ Diversified portfolio in solar and battery tech
⭐ Growing exports (excluding solar panels)
⭐ Consistent financial growth, rising profits and margins

Risks

⚠️ High working capital requirement—a large chunk of proceeds goes there
⚠️ SME platform listing—liquidity risks post-listing
⚠️ Low GMP indicates flat demand in grey market
⚠️ High minimum retail investment (₹2.4 lakh) limits small investor participation

Allotment & Listing

✅ Allotment Date: July 10, 2025
✅ Registrar: Maashitla Securities
✅ Check status using:

• Registrar’s official allotment page

• NSE SME portal

✅ Tentative Listing Date: July 14, 2025 on NSE SME

How to Check IPO Allotment Status

1️⃣ Visit the registrar’s website.
2️⃣ Select “Smarten Power Systems Limited IPO” from the dropdown.
3️⃣ Enter Application Number, PAN, or DP Client ID.
4️⃣ Submit to view status.

Analyst View: Should You Subscribe?

While the valuation appears fair relative to sector P/E, the GMP is flat (₹0) indicating no meaningful listing premium.

Our recommendation:

• Avoid for listing gains.

• Only consider if you have long-term conviction in the solar and power-backup sector.

  Disclaimer:

  This article is intended for informational and educational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions. Investments in securities are subject to market risks. Please read all related documents carefully before applying for the IPO. The data provided is based on publicly available information and may be subject to change.

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