Bypassing the IPO: The Onix Renewable x Eureka Industries Strategic Move

16 June 2026

The usual way to get on the stock market is pretty straightforward: you build a company get investment bankers file a lot of paperwork do an Initial Public Offering and wait for the market to open.. Onix Renewable Limited is doing things differently. They are using a backdoor method to get listed on the stock market. Onix Renewable Limited is merging with Eureka Industries, which is already listed on the stock market. This way Onix Renewable Limited can avoid all the hassle and cost of doing an Initial Public Offering.

The people who already own shares of Onix Renewable Limited will get one share of the merged entity. This is a good deal for them because they will not lose any value. The people who own shares of Eureka Industries will have to give up some of their shares (only 1 of every 15 shares retained as equity, remaining 14 converted to 0.01% preference shares). Because Onix brings a massive 12.96 crore outstanding shares to the table compared to Eureka's modest 87.5 lakh shares, Onix's unlisted shareholders are positioned to become the dominant, controlling owners of the newly listed company.

Onix Renewable Limited is in the energy business, which is really growing in India. By using this backdoor method Onix Renewable Limited can get on the stock market faster than if they did a traditional Initial Public Offering. A traditional Initial Public Offering can take a time sometimes up to a year. Onix Renewable Limited can now raise money on the stock market. The company is doing really well financially. Onix Renewable Limiteds revenue has grown from Rs 351.6 crore to Rs 1,012 crore in FY25. They are also making a lot of profit Rs 112 crore. This will help Eureka Industries, which has been struggling and it will also make Onix Renewable Limited look more credible and visible to investors.