Solar91 Cleantech Files for IPO to Expand Solar Energy Projects

Solar91 Cleantech, a solar energy solutions provider, has filed for an IPO to raise approximately Rs 100 crore. The funds will support new projects, working capital, and corporate purposes. Founded in 2015 by IIT alumni, the company aims to strengthen its position in India's solar energy market.

Solar91 Cleantech, a prominent solar energy solutions provider, has initiated the process for its initial public offering (IPO) by filing preliminary papers with the BSE SME platform.

The IPO will consist of a fresh issue of 54.36 lakh shares, each valued at Rs 10, raising around Rs 100 crore through the book-building route, as stated by the company.

The company plans to utilize the proceeds to develop projects as an independent power producer (IPP), address working capital needs, and fulfill general corporate purposes.

Established in 2015 by IIT alumni Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, Jaipur-based Solar91 specializes in providing turnkey EPC services to commercial and industrial clients across India.

The firm boasts nearly 80 MW in distributed solar projects across 13 states. Solar91 recently became the lowest bidder for IPP projects in Karnataka and is developing solar parks for captive open access consumers in Rajasthan and Karnataka.

With an IPP order book exceeding 155 MW under the PM Kusum scheme, the company also enjoys institutional debt support from the Netherlands-based Energy Access Relief Fund.

Backed by investors like Krishna Pant, Prashant Jain, Lalit Dua, Manoj Agrawal, and Anirudh Arun, Solar91 has tasked Narnolia Financial Services Ltd with managing the IPO and Maashitla Securities as the registrar. The shares will be listed on the BSE's SME platform.

(With inputs from agencies.)