Solar91 Cleantech IPO: The IPO of Solar91 Cleantech, a company promoted by 4 IIT graduates, is scheduled to open for subscription on December 24. This will be an SME IPO, in which there will be investment opportunity till 27th December. The company intends to raise Rs 106 crore through public issue. 54.36 lakh fresh equity shares will be issued under the IPO. At the same time, there will be no sale through Offer for Sale (OFS). This means that the entire proceeds from the IPO will go to the company. Listing of its shares will be on BSE SME platform.
Solar91 Cleantech IPO: Price band and all details
Solar91 Cleantech has set the price band for the IPO at Rs 185-195 per share, where investors can bid for a minimum of 600 shares. Retail investors will have to invest at least Rs 1,17,000 in this. After subscription, allotment of shares to successful investors is expected to take place on December 30, 2024. Its probable listing date has been fixed as January 1, 2025. Narnolia Financial Services is acting as the book running lead manager to the issue, while Mashitala Securities is the registrar.
Where will Solar91 Cleantech use the funds?
The company will use the net proceeds from the IPO to invest in the subsidiary company, which is engaged in developing solar plants as an Independent Power Producer (IPP). Along with this, the funds will also be used to meet its expenses, meet working capital needs and for general corporate purposes.
Solar91 Cleantech Business
Solar91 Cleantech Limited was founded in 2015 by four IIT graduates with an aim to contribute to clean energy. Headquartered in Jaipur, the company provides turnkey EPC services to commercial and industrial customers across the country. Pratik Aggarwal, Saurabh Vyas, Sandeep Gurnani and Dhaval Gaurang Vasavada are the promoters of the company.
Solar91 has successfully commissioned approximately 94 MW of distributed solar projects across 13 Indian states and currently holds an order book of over 171 MW under PM KUSUM scheme as an Independent Power Producer (IPP) in Rajasthan and Karnataka.
The company is actively developing solar parks for captive open access consumers in Rajasthan and Karnataka. Solar91 has received institutional debt support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organizations in APAC and Africa.
Financials of Solar91 Cleantech
In FY24 the company achieved Revenue of Rs 43 crore, EBITDA of Rs 3.84 crore and PAT of Rs 2.3 crore. Saurabh Vyas, Chairperson and Whole Time Director, Solar91 Cleantech, said, “This IPO is a new chapter for the company, which allows us to accelerate our growth, expand our IPP portfolio and provide sustainable, sustainable energy solutions to customers across the domestic, agricultural and industrial sectors. “Enables us to provide high quality solar energy solutions.”
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