Solar91 Cleantech SME IPO to open on December 24; sets price band at Rs 185-195/share

EPC solutions provider Solar91 Cleantech on Sunday said it has fixed a price band of Rs 185-195 per equity share for the Rs 106 crore initial share sale, which will hit markets on December 24.

The initial public offering (IPO) will close on December 27. The bidding for anchor investors will open for a day on Monday, the company said in a statement.

The shares of the company will be listed on the SME platform of BSE. At the upper end of the price band, the company is going to fetch around Rs 106 crore, it added.

The proposed IPO is entirely a fresh issue of 54.36 lakh equity shares with a face value of Rs 10 each, according to the red herring prospectus.

Proceeds from the IPO will be utilised to meet the expenses for investment in its subsidiary for the development of solar plants as an independent power producer (IPP), meet working capital requirements and cover general corporate purposes.

"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.

The Jaipur-headquartered Solar91 was founded in 2015 by four IIT alumni -- Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas and Dhawal Vasavada.

The company specialises in providing turnkey engineering, procurement, and construction (EPC) services to commercial and industrial clients across the country.

Solar91 Cleantech posted a revenue of Rs 42.77 crore and posted a profit after tax (PAT) of Rs 2.33 crore in FY24. As Of Sep 24, its revenue stood at Rs 50.25 crore and clocked a PAT of Rs 4 crore.

Narnolia Financial Services Ltd is the book-running lead manager, while Maashitla Securities Pvt Ltd is the registrar of the issue.