Upcoming IPO: Solar91 Cleantech Gets BSE Approval To Launch SME Public Issue; Check Key Details Here

Solar91 Cleantech, a Jaipur-based solar plant installation company, is gearing up to hit the capital markets with its initial public offering (IPO). On Friday, December 6, the company announced that the Bombay Stock Exchange (BSE) has approved its draft red herring prospectus (DRHP).

IPO Details and Fund Utilization

Solar91 Cleantech plans to issue up to 54,36,000 equity shares, each carrying a face value of Rs 10. The funds raised through this public issue are earmarked for a range of strategic initiatives, including investment in its subsidiary for developing solar projects as an Independent Power Producer (IPP), meeting working capital requirements, covering general corporate expenses, and addressing the costs associated with the IPO.

Financial Performance

Solar91 Cleantech has displayed impressive financial growth in recent years. For the fiscal year 2023-2024 (FY24), the company reported a 1,048% surge in consolidated net profit, reaching Rs 233.45 lakh, compared to Rs 20.33 lakh in the previous fiscal year. Meanwhile, the company's revenue from operations rose 14% year-on-year, climbing to Rs 42.77 crore in FY24 from Rs 37.58 crore in FY23.

About Solar91 Cleantech

Headquartered in Jaipur, Rajasthan, Solar91 Cleantech specializes in providing end-to-end EPC (Engineering, Procurement, and Construction) services to commercial and industrial clients across India. Since its inception, the company has successfully installed nearly 80 MW of solar projects in 13 states.

Currently, Solar91 is working on over 155 MW of projects under the PM Kusum Scheme as an Independent Power Producer (IPP). The company has also won the lowest bid for IPP projects in Karnataka and is developing solar parks for private users in Rajasthan and Karnataka, further expanding its market presence.

Solar91 counts prominent brands such as Haldiram's, Rajasthan Patrika, NP Agro, and Golcha Group among its key clients.

Growth Potential

Solar91 Cleantech is positioned as a player in India's rapidly growing renewable energy space. The company's focus on developing solar parks and large-scale projects aligns with India's vision for a sustainable future.

Additionally, the company's ongoing projects under the PM Kusum Scheme and its partnerships with high-profile clients are expected to contribute to its growth trajectory.

Key Players

To facilitate the IPO, Solar91 Cleantech has appointed Narnolia Financial Services Limited as the Book Running Lead Manager, while Maashitla Securities Private Limited will serve as the Registrar to the issue.