Solar91 Cleantech Limited Files for IPO to Raise Rs 100 Crore

Solar91 Cleantech Limited, a turnkey solar energy solutions provider, has filed its Draft Red Herring Prospectus with BSE's SME platform for an IPO. The company aims to raise approximately Rs 100 crore to fund projects and working capital. Founded by IIT alumni, Solar91 is expanding its footprint across India.

Solar91 Cleantech Limited, a leading provider of turnkey solar energy solutions, has submitted its Draft Red Herring Prospectus (DRHP) to the BSE's SME platform in preparation for its Initial Public Offering (IPO). The proposed public issue aims to raise around Rs 100 crore through the book building route, consisting of a fresh issue of 54.36 lakh shares at a face value of Rs 10 each. The IPO will be managed by Narnolia Financial Services Limited and Maashitla Securities Private Limited.

Founded in 2015 by IIT alumni Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, Solar91 offers turnkey Engineering, Procurement, and Construction (EPC) services to commercial and industrial clients across India. The Jaipur-based company has an extensive order book exceeding 155MW and has successfully commissioned nearly 80MW in distributed solar projects across 13 states. The proceeds from the IPO will primarily fund IPP project development and meet EPC working capital needs.

Solar91 is rapidly expanding its operations and recently secured the lowest bid for IPP projects in Karnataka. The company is also developing solar parks for Captive Open Access Consumers in Rajasthan and Karnataka, backed by institutional debt from the Netherlands-based Energy Access Relief Fund. Among its investors are some high-profile names including Krishna Pant, Prashant Jain, and notable IIT alumni Anirudh Arun, Naisheel Verdhan, and Rahul Sharma, reflecting strong support from industry veterans.

(With inputs from agencies.)