Solar91 Cleantech IPO is a book-built issue, offering 54.36 lakh equity shares through a fresh issue. The IPO dates are yet to be announced. The allotment of shares is expected to be finalized soon after the closure of the IPO, with the tentative listing date scheduled on the BSE SME platform.
The IPO price band is yet to be disclosed, and the proceeds will likely support Solar91 Cleantech’s operational growth and expansion plans. Narnolia Financial Services Ltd is the book-running lead manager for the issue, while Maashitla Securities Private Limited is the registrar. The market-making responsibilities for the IPO are handled by Prabhat Financial Services Ltd.
Investors and stakeholders are keenly awaiting further announcements regarding pricing and allocation details to evaluate the investment opportunities offered by this IPO.
Industry Outlook
- India's renewable energy capacity has grown rapidly, reaching 143.64 GW as of March 2024. Driven by strong government initiatives, it is projected to hit 170 GW by March 2025.
- India's renewable energy sector has attracted ₹5.2 lakh crore (US$70 billion) since 2014, with an additional US$80 billion expected over the next four years.
Solar91 Cleantech IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- To meet the expenses for Investment in a Subsidiary for the development of Solar Projects as an Independent Power Producer (IPP).
- To meet the expenses for Working capital requirement for the company.
- To meet the expenses for General Corporate Purposes.
About Solar91 Cleantech Limited
Incorporated in 2015, Solar91 Cleantech Limited specialises in providing Engineering, Procurement, and Construction (EPC) solar energy solutions. Catering to commercial and industrial customers, the company focuses on reducing power consumption through renewable energy systems. It serves various market segments, including rooftop solar for industrial, commercial, and residential sectors, open access, group captive solutions, agro-PV systems, and distributed solar investment opportunities.
The company has developed its own solar projects under the Independent Power Producer (IPP) model and participates in the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM Kusum) Scheme for agricultural solarisation. Recognised as a leader in Rajasthan and nationally, Solar91 has completed 191 projects across 13 Indian states and one in Africa, with a total capacity exceeding 94 MW.
The company operates for 9 years and provides EPC, IPP, and Operations and Maintenance (O&M) services. As of September 2024, it employs a skilled team of 81 professionals.
How To Check the Allotment Status of the Solar91 Cleantech IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Solar91 Cleantech IPO online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Solar91 Cleantech IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Solar91 Cleantech IPO
Registered office: Plot No. D-802, Sector-5, Malviya Nagar, Jaipur, Rajasthan, India, 302017
Phone: +91 805 8300 034
E-mail: info@solar91.com
Solar91 Cleantech IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
Not more than 50% of the Net Issue |
|
Retail Shares Offered |
Not less than 35% of the Net Issue |
|
NII (HNI) Shares Offered |
Not more than 15% of the Net Isssue |
Solar91 Cleantech IPO Promoter Holding
Mr. Prateek Agrawal, Mr. Saurabh Vyas, Mr. Sandeep Gurnani and Mr. Dhawal Gaurang Vasavada are the promoters of the company.
|
Share Holding Pre-Issue |
69.75% |
|
Share Holding Post Issue |
51.26% |
Key Performance Indicators for Solar91 Cleantech IPO
|
KPI |
Value |
|
ROE (%) |
0.50% |
|
ROCE (%) |
25.81% |
|
Debt/Equity (x) |
2.30 |
|
RoNW (%) |
49.51% |
|
PAT Margin (%) |
5.46% |
Solar91 Cleantech IPO Prospectus
Solar91 Cleantech IPO Registrar and Lead Managers
Solar91 Cleantech IPO Lead Managers
- Narnolia Financial Services Ltd
Registrar for Solar91 Cleantech IPO
Maashitla Securities Private Limited
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
Website: Solar91 Cleantech IPO Registrar
Financial Performance of Solar91 Cleantech Limited
| Particulars | For the period ended September 30, 2024 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operation (in ₹ lakh) | 5,024.73 | 4,277.35 | 3,758.13 |
| Profit After Tax (PAT) (in ₹ lakh) | 400.01 | 233.45 | 20.33 |
| Net Worth (in ₹ lakh) | 2,843.35 | 471.50 | 235.68 |
| Operating Cashflow (in ₹ lakh) | (1,382.98) | 396.76 | (334.27) |
| Return on Net Worth (%) | 14.07% | 49.51% | 8.62% |
| Return on Capital Employed (%) | 16.44% | 25.81% | 8.77% |
| Current Ratio (x) | 2.20 | 1.94 | 2.98 |
| Earning Per Share (EPS)-in absolute ₹ | 2.83 | 2.17 | 0.20 |
Know before investing
Strengths
6Promoted by IIT graduates, enhancing credibility and operational excellence.
Geographical diversity across major Indian states boosts client accessibility.
Innovative cluster-based EPC and IPP model optimises resource usage.
Significant order book of 157 MW under PM Kusum C2.
Achieved the lowest bidder status for 24+ MW projects in Karnataka.
Industry-leading turnaround times, maximising client savings.
Risks
6First-generation promoters with limited listed company management experience.
Premises are rented, posing risks of operational disruptions.
Reliance on Key Management Personnel; loss may impact operations.
Solar projects require significant upfront investment and financing challenges.
Dependence on favourable weather; bad conditions impact solar output.
Potential promoter conflicts in future could increase market competition.
Solar91 Cleantech Limited Peer Details Comparison
| Company Name | EPS (Basic) (₹) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Solar91 Cleantech Limited | 2.17 | - | - | 49.51% |
| Oriana Power Limited | 33.93 | 7.88 | 65.1 | 36.47% |
| Waaree Renewable Technologies Limited | 14.3 | 12.45 | 95.3 | 57.43% |
