Oneindig Technologies IPO: Rs 27.65 Cr Issue, Expert Cautions Investors
By ThePip Desk
Oneindig Technologies IPO opens July 30, aiming to raise Rs 27.65 Cr. Expert Dilip Davda advises caution due to aggressive pricing and sustainability concerns.
Oneindig Technologies Ltd. (OTL) has launched its book-building IPO to raise Rs. 27.65 crore, with shares priced between Rs. 91 and Rs. 96 each. Reviewer Dilip Davda issues a cautious recommendation, citing aggressive pricing and sustainability concerns for the solar energy firm.
The IPO subscription window for OTL is scheduled from July 30, 2026, to August 3, 2026. The company, which specializes in Engineering, Procurement, and Commissioning (EPC) services for the solar sector, aims to list on the BSE SME platform.
Key IPO Details & Financials
- IPO Issue Size: 2,880,000 equity shares
- Face Value: Rs. 10 per share
- Price Band: Rs. 91 to Rs. 96 per share
- Total Raise Target: Rs. 27.65 crore
- Order Book (as of Jan 31, 2026): Rs. 148.59 crore
- P/E Ratio (annualized FY26): 14.18
- P/E Ratio (FY25): 25.20
Net proceeds from the IPO are primarily allocated towards meeting the company’s working capital requirements, with Rs. 20 crore designated for this purpose. The remainder will fund general corporate activities.
Reviewer Concerns
OTL has shown growth in both its top and bottom lines, yet a significant increase in net profits from FY25 onwards raises questions about its sustainability. Dilip Davda highlighted the highly competitive and fragmented nature of the solar energy sector as a key risk.
The IPO’s valuation appears aggressive based on recent financial data. OTL has not distributed dividends in the last five financial years, further informing the cautious outlook.
Davda advises only well-informed, cash-surplus, and risk-seeking investors to consider allocating moderate funds for a long-term investment horizon, noting that a small post-IPO capital base might prolong market migration.