Solar91 Cleantech, an EPC solutions provider, said on Sunday that it has set a price range of ₹185–195 per equity share for the inaugural share sale, which will take place on 24 December and raise ₹106 crore.
On 27 December, the initial public offering (IPO) will come to an end. According to a statement from the firm, the anchor investor auction will open for one day on Monday, as reported by PTI.
The company’s shares will be listed on the BSE’s SME platform. The business will raise around ₹106 crore at the top end of the price range, it continued.
The red herring prospectus states that the planned IPO is a new offering of 543,600 equity shares, each with a face value of ₹10.
The IPO proceeds will be used to cover general business purposes, meet working capital requirements, and pay for the costs of investing in its subsidiary for the construction of solar plants as an independent power producer (IPP).
“This IPO marks a new chapter for the company, empowering us to accelerate our growth, expand our IPP portfolio, and continue delivering sustainable, high-quality solar energy solutions to clients across domestic, agricultural, and industrial sectors.
“With the growing emphasis on renewable energy in India, we are poised to play a pivotal role in advancing the nation’s green energy goals,” Solar91 Cleantech’s Chairperson and Whole Time Director Saurabh Vyas, said.
Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, four IIT graduates, created Solar91, which has its headquarters in Jaipur, in 2015.
The firm specialised in offering commercial and industrial clients nationwide comprehensive engineering, procurement, and construction (EPC) services.
In FY24, Solar91 Cleantech reported making ₹2.33 crore in profit after tax (PAT) on revenue of ₹42.77 crore. As of September 24, it had a PAT of ₹4 crore and sales of ₹50.25 crore.
The issue’s registrar is Maashitla Securities Pvt Ltd, and the book-running lead manager is Narnolia Financial Services Ltd.