PNN
Mumbai (Maharashtra) [India], December 23: Solar91 Cleantech Limited promoted by 4 IIT graduates specializes in providing EPC solar energy solutions to commercial and industrial clients, proposes to open its Initial Public Offering on December 24, 2024, aiming to raise Rs 106 Crore with shares to be listed on the BSE SME platform.
The issue size is 54,36,000 equity shares with a price band of Rs 185 - Rs 195 Per Share and face value of Rs 10 each.
Equity Share Allocation
* Qualified Institutional Buyer - 25,63,800 Equity Shares
* Non-Institutional Investors - 7,70,400 Equity Shares
* Retail Individual Investors -17,97,000 Equity Shares
* Market Maker -3,04,800 Equity Shares
The net proceeds from the IPO will be utilized to meet out 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. The anchor bidding will open on December 23, 2024, the issue opening date will be December 24, 2024 and the issue will close on December 27, 2024.
The Book Running Lead Manager to the Issue is Narnolia Financial Services Limited and the Registrar to the Issue is Maashitla Securities Private Limited.
Saurabh Vyas, Chairperson & Whole Time Director of Solar91 Cleantech Limited expressed, " I am delighted to announce this remarkable milestone in our journey as we launch our Initial Public Offering (IPO). Founded with a vision of Energizing India, the company has been built on a foundation of innovation, expertise, and a deep understanding of the renewable energy sector. The extensive combined experience and foresight have been instrumental in shaping the company and transforming it an emerging player in the IPP space.
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.
It is a moment of immense pride to see our vision align with India's renewable energy goals, and I am confident that this offering will unlock new opportunities for us to contribute meaningfully to a greener, more sustainable future."
Vipin Aggarwal, Director, Merchant Banking Division at Narnolia Financial Services Limited said, "We are proud to be associated with Solar91 Cleantech Limited as they embark on this significant IPO journey. The company's proven expertise in delivering comprehensive Solar EPC solutions to commercial and industrial clients, coupled with its strategic transition to the Independent Power Producer (IPP) model. The company's foundation is further strengthened by its exceptional promoters--four IIT graduates with extensive experience and a deep understanding of industry dynamics and growth potential. Their leadership has been instrumental in driving innovation, ensuring operational excellence, and navigating the company through a transformative phase in the renewable energy sector. Their vision to design, build, own, and operate solar power plants nationwide while advancing grid stability through storage solutions resonates strongly with India's green energy aspirations.
This IPO will provide Solar91 the capital required to accelerate its expansion, enabling them to strengthen their role as enablers of India's 'green revolution.' We believe this public offering will unlock immense value and are excited to support their continued growth and success."
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