Solar91 Cleantech IPO is a book-built issue offering ₹106.00 crores, consisting entirely of a fresh issue of 54.36 lakh shares. The IPO will open for subscription on December 24, 2024, and close on December 27, 2024, with allotment expected to be finalized by Monday, December 30, 2024.
The company is targeting a listing on the BSE SME platform, with the tentative listing date set for January 1, 2025. The price band for the Solar91 Cleantech IPO is ₹185 to ₹195 per share, with a minimum lot size of 600 shares, requiring a minimum investment of ₹1,17,000 for retail investors.
HNI investors will need to apply for at least 2 lots (1,200 shares), amounting to ₹2,34,000. The retail quota stands at 35%, the Qualified Institutional Buyer (QIB) quota at 50%, and the High Net-worth Individual (HNI) quota at 15%. Solar91 Cleantech has reported revenue of ₹42.97 crores for 2024, an increase from ₹37.67 crores in 2023.
The company also posted a profit of ₹2.36 crores in 2024, compared to ₹0.20 crores in the previous year. Given the company’s consistent financial growth, investors should consider applying for the IPO with a long-term perspective.
Overview of Contents
About Solar91 Cleantech IPO
Solar91 Cleantech Limited, founded in 2015 and based in Jaipur, specializes in providing Engineering, Procurement, and Construction (EPC) Solar Energy Solutions. The company focuses on delivering renewable energy systems to reduce power consumption for commercial, industrial, and residential customers. Solar91 offers a wide range of services, including rooftop solar installations, open access solutions, agro PV, and group captive solutions. The company is also involved in Independent Power Producer (IPP) projects, with active participation in government schemes like the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM Kusum) for solarizing agricultural feeders.
With a presence in 13 states across India and one project in Kenya, Solar91 has successfully commissioned 191 projects, totaling over 94 MW of capacity. The company operates with a dedicated team of 81 employees (as of September 2024) and is recognized as an industry leader in the Commercial and Industrial Solar PV sector.
Solar91’s business models include providing EPC services for commercial and industrial clients, developing and maintaining solar projects through the IPP model, and offering Operations and Maintenance (O&M) services for its projects. The company’s wide geographical presence, innovative cluster-based model, and strong order book position it as a reliable, forward-thinking player in the renewable energy space. In 2024, the company reported ₹50.53 crore in revenue and ₹4 crore in profit, showcasing its steady growth and commitment to delivering high-quality solar energy solutions.
Solar91 Cleantech IPO Overview
| Particulars | Details |
|---|---|
| IPO Date | December 24, 2024 to December 27, 2024 |
| Listing Date | Wednesday, January 1, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹185 to ₹195 per share |
| Lot Size | 600 shares |
| Total Issue Size | 54,36,000 shares (aggregating up to ₹106.00 Cr) |
| Fresh Issue | 54,36,000 shares (aggregating up to ₹106.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,50,77,809 shares |
| Share Holding Post Issue | 2,05,13,809 shares |
| Market Maker Portion | 3,04,800 shares |
| Lead Manager | Prabhat Financial Services Ltd. |
Solar91 Cleantech IPO Dates
| Particulars | Details |
|---|---|
| IPO Open Date | Tuesday, December 24, 2024 |
| IPO Close Date | Friday, December 27, 2024 |
| Basis of Allotment | Monday, December 30, 2024 |
| Initiation of Refunds | Tuesday, December 31, 2024 |
| Credit of Shares to Demat | Tuesday, December 31, 2024 |
| Listing Date | Wednesday, January 1, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 27, 2024 |
Solar91 Cleantech IPO Lot Size
Investors interested in the Solar91 Cleantech IPO can place bids for a minimum of 600 shares and in multiples thereof. The following table shows the minimum and maximum investment amounts for retail investors and HNIs.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 600 | ₹1,17,000 |
| Retail (Max) | 1 | 600 | ₹1,17,000 |
| HNI (Min) | 2 | 1,200 | ₹2,34,000 |
Solar91 Cleantech IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Solar91 Cleantech IPO Promoter Holding
The promoters of Solar91 Cleantech Limited are Mr. Prateek Agrawal, Mr. Saurabh Vyas, Mr. Sandeep Gurnani, and Mr. Dhawal Gaurang Vasavada. The company’s shareholding structure is expected to change after the IPO, with a decrease in the promoters’ stake post-issue.
| Shareholding | Pre Issue | Post Issue |
|---|---|---|
| Promoter Holding | 69.75% | 51.26% |
Solar91 Cleantech IPO Company Financial Report
The financial performance of Solar91 Cleantech Limited shows steady growth in revenue and profit over the past few years, reflecting the company’s effective strategies and strong market position. Below is a summary of the company’s financials for the last few years:
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2022 | ₹42.01 Crores | ₹41.57 Crores | ₹0.32 Crores | ₹9.54 Crores |
| 2023 | ₹37.67 Crores | ₹37.40 Crores | ₹0.20 Crores | ₹12.99 Crores |
| 2024 | ₹42.97 Crores | ₹39.84 Crores | ₹2.36 Crores | ₹24.95 Crores |
| September 2024 | ₹50.54 Crores | ₹45.27 Crores | ₹4.00 Crores | ₹52.47 Crores |
Solar91 Cleantech IPO Valuation – FY2024
| KPI | Values |
|---|---|
| ROE: | 49.51% |
| ROCE: | 25.81% |
| EBITDA Margin: | 9.00% |
| PAT Margin: | 5.46% |
| Debt to equity ratio: | 2.30 |
| Earning Per Share (EPS): | ₹2.17 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 49.51% |
| Net Asset Value (NAV): | ₹3,047.22 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Oriana Power Limited | 33.93 | 65.10 | 36.47 | 7.88 | 55.13 Cr. |
| Waaree Renewable Technologies Limited | 14.30 | 95.30 | 57.43 | 12.45 | 148.94 Cr. |
Objects of the Issue
- Investment in subsidiary for developing solar projects as an Independent Power Producer (IPP)
- Working capital requirements
- General corporate purposes
Solar91 Cleantech IPO Registrar
Maashitla Securities Private Limited
Phone: +91-11-45121795-96
Email: ipo@maashitla.com
Website: https://maashitla.com/allotment-status/public-issues
Company Address
Solar91 Cleantech Limited
Plot No. D-802,
Sector-5,
Malviya Nagar, Jaipur 302017
Phone: 91 805 8300 034
Email: info@solar91.com
Website: https://www.solar91.com/
Solar91 Cleantech IPO FAQs
What is the IPO opening and closing date for Solar91 Cleantech?
The IPO opens on December 24, 2024, and closes on December 27, 2024.
What is the price band for Solar91 Cleantech IPO?
The price band is ₹185 to ₹195 per share.
What is the lot size for Solar91 Cleantech IPO?
The minimum lot size is 600 shares, with multiples allowed.
What is the issue size of the Solar91 Cleantech IPO?
The issue size is 54,36,000 shares, aggregating up to ₹106.00 crores.
What is the listing date for Solar91 Cleantech IPO?
The listing is expected on January 1, 2025, at BSE SME.
Who are the promoters of Solar91 Cleantech?
The promoters are Mr. Prateek Agrawal, Mr. Saurabh Vyas, Mr. Sandeep Gurnani, and Mr. Dhawal Gaurang Vasavada.
What is the minimum investment amount?
The minimum investment amount for retail investors is ₹1,17,000 for 600 shares.
When will the share allotment be finalized?
The share allotment will be finalized on December 30, 2024.
What are the objects of the issue?
The proceeds will be used for investing in solar projects, working capital needs, and general corporate purposes.