Solar91 Cleantech Launches IPO Aiming for Rs 106 Crore Expansion

Solar91 Cleantech Limited, led by IIT graduates, is set to launch its Initial Public Offering on December 24, 2024, to raise Rs 106 Crore. The IPO will boost their solar energy projects nationwide. It includes 54,36,000 equity shares and will be listed on BSE SME platform.

Solar91 Cleantech Limited, a company founded by IIT graduates, is preparing to open its Initial Public Offering (IPO) on December 24, 2024. The offering aims to raise Rs 106 Crore, with shares to be listed on the BSE SME platform. The firm specializes in providing solar energy solutions to commercial and industrial clients.

The IPO will involve the issuance of 54,36,000 equity shares at a price range of Rs 185 to Rs 195 per share, each with a face value of Rs 10. The allocated shares will cater to various investor categories, with Qualified Institutional Buyers receiving 25,63,800 shares, Non-Institutional Investors 7,70,400 shares, Retail Individual Investors 17,97,000 shares, and Market Makers 3,04,800 shares. The proceeds will be directed towards investment in a subsidiary focused on the development of solar plants as an Independent Power Producer (IPP), meeting working capital needs, and covering general corporate expenses.

Saurabh Vyas, Chairperson and Whole Time Director of Solar91 Cleantech, emphasized the significance of this IPO, stating it represents a major milestone in their journey to energize India with sustainable energy solutions. The company's foundation rests on innovation and expertise in the renewable energy sector, aiming to play a crucial role in India's green energy goals. Narnolia Financial Services Limited serves as the Book Running Lead Manager for the issue.

(With inputs from agencies.)