Solar91 Cleantech Sets IPO Price Band and Launch Date

EPC solutions provider Solar91 Cleantech has announced the price band for its upcoming IPO, set at Rs 185-195 per equity share. The Rs 106 crore initial share sale is scheduled to open on December 24 and will close on December 27. The company's shares will be listed on the SME platform of BSE.

The IPO, entirely a fresh issue of 54.36 lakh equity shares, aims to raise funds for investments in subsidiary solar plant development, working capital, and general corporate purposes. At the upper end of the price band, the company expects to fetch around Rs 106 crore.

A Strategic Move for Growth

Proceeds from the IPO will be utilized 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," said Solar91 Cleantech's Chairperson and Whole Time Director Saurabh Vyas.

Solar91 Cleantech: A Renewable Energy Pioneer

Founded in 2015 by four IIT alumni, Solar91 Cleantech specializes in providing turnkey engineering, procurement, and construction (EPC) services to commercial and industrial clients across India. The company has shown significant growth, with a revenue of Rs 42.77 crore and a profit after tax (PAT) of Rs 2.33 crore in FY24. As of September 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.