Solar91 Cleantech Ltd

Published On: 21/12/20242.3 min read

Solar91 Cleantech Limited, a Jaipur-based company specializing in Engineering, Procurement, and Construction (EPC) solar energy solutions, is set to launch its Initial Public Offering (IPO) on December 24, 2024. This IPO presents an opportunity for investors interested in the latest IPOs in India to invest in a company contributing significantly to the renewable energy sector.

Company Overview

Established in 2015, Solar91 Cleantech Limited provides comprehensive EPC solar energy solutions to commercial and industrial customers, aiding in reducing power consumption through renewable energy systems. The company’s services encompass:

  • Rooftop Solar Solutions: Catering to industrial, commercial, and residential sectors.
  • Open Access and Group Captive Solutions: Offering large-scale solar power solutions.
  • Agro Photovoltaic (Agro PV) Systems: Integrating solar power with agricultural activities.
  • Independent Power Producer (IPP) Model: Developing and operating its own solar projects.

The company has a notable presence across 13 states in India and has completed over 191 projects, including an international project in Africa, with a total capacity exceeding 94 MW. As of September 30, 2024, Solar91 Cleantech employs a team of 81 professionals.

IPO Timeline

  • IPO Open Date: December 24, 2024
  • IPO Close Date: December 27, 2024
  • Basis of Allotment: December 30, 2024
  • Initiation of Refunds: December 31, 2024
  • Credit of Shares to Demat Accounts: December 31, 2024
  • Listing Date: January 1, 2025

Price Band and Lot Size

  • Price Band: ₹185 to ₹195 per share
  • Face Value: ₹10 per share
  • Lot Size: 600 shares
  • Minimum Investment: ₹111,000

Key Dates

  • IPO Open Date: December 24, 2024
  • IPO Close Date: December 27, 2024
  • Allotment Date: December 30, 2024
  • Listing Date: January 1, 2025

Financials

Solar91 Cleantech Limited has demonstrated consistent financial growth:

Period Ended Revenue (₹ in Crores) Profit After Tax (₹ in Crores)
March 31, 2022 42.01 0.32
March 31, 2023 37.67 0.20
March 31, 2024 42.97 2.36
September 30, 2024 50.54 4.00

Strengths

  • Experienced Leadership: Founded by alumni of the Indian Institute of Technology, bringing technical expertise and industry insight.
  • Wide Geographical Presence: Operations span across multiple states in India, enhancing market reach.
  • Diverse Service Portfolio: Offers a range of solar energy solutions catering to various sectors.
  • Recognized Industry Leader: Recipient of multiple awards, establishing credibility in the renewable energy sector.

Risks

  • First-Generation Promoters: Limited experience in managing publicly listed companies.
  • Leased Operational Facilities: Dependence on rented premises may pose operational risks.
  • High Initial Investment: Solar projects require substantial upfront capital, potentially impacting cash flow.
  • Weather Dependency: Solar energy generation is influenced by weather conditions, affecting output.

IPO Anchor Investors Details

As of now, specific details regarding anchor investors have not been disclosed.

IPO Promoter Holding

Promoter Pre-Issue Holding Post-Issue Holding
Mr. Prateek Agrawal, Mr. Saurabh Vyas, Mr. Sandeep Gurnani, and Mr. Dhawal Gaurang Vasavada 69.75% 51.26%

IPO Grey Market Premium (GMP)

Date GMP (₹)
December 20, 2024 50

Note: Grey Market Premiums are subject to change and should be interpreted cautiously.

Final Thoughts

Solar91 Cleantech Limited’s upcoming IPO offers investors an opportunity to invest in a growing company within the renewable energy sector. Potential investors should carefully evaluate the company’s strengths and associated risks, ensuring alignment with their investment objectives and risk tolerance.

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