- The Solar91 Cleantech IPO opens on December 24, 2024, and closes on December 27, 2024.
- Price band is set at ₹185-₹195 per share, with a minimum lot size of 600 shares.
- The company aims to raise ₹106 crore, listing on BSE SME on January 1, 2025.
- Funds will be utilized for solar project development, working capital, and corporate expenses.
- Financial growth shows strong performance, with PAT increasing significantly by 1060% between FY2023 and FY2024.
Solar91 Cleantech Limited is set to launch its ₹106 crore IPO from December 24 to December 27, 2024. The IPO consists entirely of a fresh issue of 54.36 lakh shares, with the price band set at ₹185 to ₹195 per share. Investors can subscribe with a minimum lot size of 600 shares, requiring a minimum investment of ₹1,17,000 for retail investors. High Net Worth Individuals (HNIs) must invest at least ₹2,34,000 for two lots.
The IPO will list on the BSE SME platform, with a tentative listing date of January 1, 2025.
Solar91 Cleantech IPO Important Details
| Attribute | Details |
|---|---|
| IPO Date | December 24, 2024 – December 27, 2024 |
| Listing Date | January 1, 2025 (Tentative) |
| Face Value | ₹10 per share |
| Price Band | ₹185 – ₹195 |
| Lot Size | 600 shares |
| Issue Size | ₹106.00 crore |
| Issue Type | Book Built Issue IPO |
| Market Maker Portion | 3,04,800 shares |
| Registrar | Maashitla Securities Private Limited |
| Lead Manager | Narnolia Financial Services Ltd. |
| Market Maker | Prabhat Financial Services Ltd. |
| Post-Issue Shareholding | 2,05,13,809 shares |
Solar91 Cleantech IPO Reservation Details
| Investor Category | Shares Offered |
|---|---|
| QIB | Not more than 50% of the net issue |
| Retail Investors | Not less than 35% of the net issue |
| HNI (NII) | Not less than 15% of the net issue |
Tentative Timeline for Solar91 Cleantech IPO
| Event | Date |
|---|---|
| IPO Open Date | December 24, 2024 (Tuesday) |
| IPO Close Date | December 27, 2024 (Friday) |
| Basis of Allotment | December 30, 2024 (Monday) |
| Refunds Initiation | December 31, 2024 (Tuesday) |
| Credit of Shares | December 31, 2024 (Tuesday) |
| Listing Date | January 1, 2025 (Wednesday) |
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Solar91 Cleantech IPO Management Details
- Lead Manager: Narnolia Financial Services Ltd.
- Registrar: Maashitla Securities Private Limited.
- Market Maker: Prabhat Financial Services Ltd.
Solar91 Cleantech IPO Lot Size and Investment Amount
| Application Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹1,17,000 |
| HNI (Min) | 2 | 1,200 | ₹2,34,000 |
About Solar91 Cleantech Limited
Incorporated in 2015, Solar91 Cleantech specializes in Engineering, Procurement, and Construction (EPC) Solar Energy Solutions for commercial and industrial customers. The company focuses on distributed renewable energy, including rooftop solar, group captive solutions, and open access projects. It also participates in the PM KUSUM Scheme, which aims to solarize agricultural feeders.
Key business segments include:
- EPC Model – Solar energy systems for commercial and industrial clients.
- IPP Model – Operates and maintains solar projects via subsidiaries.
- O&M Services – Manages solar projects developed by the company.
With operations across 13 states in India and projects in Kenya, Solar91 has completed 191 projects with a total capacity exceeding 94 MW. It is recognized for its fast turnaround time, in-house design capabilities, and government approvals.
Solar91 Cleantech Competitive Strengths
- Strong geographical presence with projects across multiple states.
- Unique cluster-based EPC and IPP models.
- Proven expertise in navigating government policies and approvals.
- A robust in-house team for design and operations.
- Digitally enabled processes for seamless execution.
Solar91 Cleantech IPO Financial Performance (₹ Lakhs)
| Attribute | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 5,247.35 | 2,495.28 | 1,299.40 | 953.85 |
| Revenue | 5,053.51 | 4,297.40 | 3,766.95 | 4,201.23 |
| Profit After Tax | 400.01 | 235.81 | 20.33 | 32.34 |
| Net Worth | 2,843.35 | 471.50 | 235.68 | 130.56 |
Objectives of the IPO
- Covering general corporate expenses.
- Investment in subsidiaries to develop solar projects under the IPP model.
- Meeting working capital requirements.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice or an endorsement of any IPO or investment opportunity. While we strive to ensure the accuracy of the details shared, the content is based on publicly available information, research, and reports from credible sources. Readers are advised to verify the details independently and consult with a financial advisor before making any investment decisions.Stay informed and exercise caution while making financial decisions.
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