Solar91 Cleantech IPO: Solar 91 Cleantech, a company promoted by 4 IIT graduates, is launching its first public offering on December 24. This will be an SME IPO with fresh equity sale of 54.36 lakh shares, which will be listed on the BSE SME platform. This book built issue is worth Rs 106 crore.
The company has fixed the price band of Rs 185-195 per share, where investors can bid for 600 shares. The minimum investment amount for retail investors is Rs 1 lakh 17 thousand.
The net proceeds from the IPO will be used to meet investment expenses in its subsidiary for development of solar plants as an independent power producer, meet working capital requirements and meet general corporate objectives.
According to market analysts, Solar 91 Cleantech IPO GMP is priced at Rs 55 in the unlisted market, which is 28.2 percent more than the cap price. Solar 91 Cleantech Limited was founded in 2015 by four IIT graduates with the aim of contributing to a clean energy-powered India.
As an Independent Power Producer in Rajasthan and Karnataka, it holds an order book of more than 171 MW under PM KUSUM Scheme.
Solar91 Cleantech has received institutional loan support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organizations in APAC and Africa. In FY24, it achieved revenue of Rs 43 crore, EBITDA of Rs 3.84 crore and PAT of Rs 2.3 crore.
Saurabh Vyas, Chairman and Whole-time Director, Solar 91 Cleantech, said, “This IPO marks a new chapter for the company, which will allow us to accelerate our growth, expand our IPP portfolio and provide sustainable, high-quality solutions to customers across the domestic, agricultural and industrial sectors. Enables us to provide quality solar energy solutions.
Narnolia Financial Services is acting as the book running lead manager to the issue, while Mashitala is the securities registrar.
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