Solar91 Cleantech Sets IPO Price Band, Eyes Rs 106 crore Fundraise

Solar91 Cleantech announces an IPO with a price band of Rs 185-195 per share, aiming to raise Rs 106 crore. The IPO will help finance their subsidiary's solar plant development, meet working capital needs, and enhance corporate objectives. Listing will occur on BSE's SME platform post-closure on December 27.

Solar91 Cleantech, an EPC solutions provider, has established a price band of Rs 185-195 per equity share for its initial public offering (IPO) aiming to raise Rs 106 crore. The IPO opens on December 24 and concludes on December 27, with a day reserved for anchor investors' bidding.

The company, founded by IIT alumni and headquartered in Jaipur, plans to use the IPO proceeds to invest in its solar plant development as an independent power producer, meet working capital needs, and fulfil general corporate purposes.

Listing will occur on the BSE's SME platform, further supporting India's renewable energy expansion goals. In FY24, Solar91 reported revenue of Rs 42.77 crore, with significant growth noted by September 24.

(With inputs from agencies.)