Upcoming IPO: Solar91 Cleantech on Friday, December 6 said Bombay Stock Exchange (BSE) has approved the draft red herring prospectus for its initial public offer (IPO).
Solar91 Cleantech, a solar plant installation company, plans to issue up to 54,36,000 equity shares, each with a face value of ₹10, in the upcoming IPO.
It plans to utilise the funds raised via public issue to meet the expenses for investment in its subsidiary for the development of solar projects as an Independent Power Producer (IPP), meet working capital requirements, cover general corporate purposes, and address issue expenses related to the IPO.
Solar91 Cleantech Financials
Solar91 Cleantech reported a sharp increase of 1.048% in its consolidated net profit for the financial year 2023-2024 (FY24) to ₹233.45 lakh from ₹20.33 lakh in the year-ago period.
Meanwhile, its revenue from operations jumped 14% year-on-year to ₹42.77 crore in FY24 from ₹37.58 crore in the previous fiscal year.
About Solar91 Clenatech
Based in Jaipur, Rajasthan, Solar91 provides complete EPC (Engineering, Procurement, and Construction) services to commercial and industrial clients across India.
The company has successfully installed nearly 80 MW of solar projects in 13 states and currently has more than 155 MW of projects in progress under the PM Kusum Scheme as an Independent Power Producer (IPP), as per a release shared by the firm.
Solar91 has also won the lowest bid for IPP projects in Karnataka and is working on developing solar parks for private users in Rajasthan and Karnataka, it added.
Haldiram’s, Rajasthan Patrika, NP Agro and Golcha Group are some of its key clients.
Narnolia Financial Services Limited has been appointed as the Book Running Lead Manager to the issue, while Maashitla Securities Private Limited will serve as the Registrar.
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