Solarium Green Energy has launched its IPO with a book-built issue of ₹105.04 crore, consisting entirely of a fresh issue of 55 lakh shares. The IPO opens for subscription on February 6, 2025, and closes on February 10, 2025. The allotment is expected to be finalised on February 11, 2025, with the listing scheduled on BSE SME on February 13, 2025.
The price band for the Solarium Green IPO is set between ₹181 and ₹191 per share. Investors can apply for a minimum lot size of 600 shares, requiring an investment of ₹1,14,600 for retail investors. High Net-Worth Individuals (HNIs) must apply for at least two lots, amounting to ₹2,29,200.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager, while Link Intime India Private Ltd is the registrar for the issue. Spread X Securities Private Limited is the market maker for this IPO. Investors seeking detailed financials, risk factors, and objectives of the issue can refer to the Red Herring Prospectus (RHP) for more information.
Industry Outlook
- The global solar industry witnessed record-breaking growth in 2023, with 447 GW of new solar capacity added, marking an 87% year-on-year increase. Solar PV dominated the renewable sector, contributing 78% of the 576 GW of new renewable capacity. This surge, driven by improved manufacturing capacities and reduced costs, indicates strong future demand for solar energy solutions.
- India’s National Electricity Plan aims to increase the share of non-fossil-based energy to 57.4% by 2026-27 and 68.4% by 2031-32. With a projected peak electricity demand of 277.2 GW by 2026-27 and 366.4 GW by 2031-32, there is a growing need for solar power solutions to meet rising energy consumption.
Solarium Green Energy IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used to meet working capital needs, ensuring smooth business operations and timely project execution.
- The remaining funds will be used for general corporate purposes.
About Solarium Green Energy Limited
Solarium Green Energy Limited, originally established as Solarium Green Energy LLP in December 2015, converted into a private company in February 2022 and later became a public limited company in June 2024. The company offers comprehensive turnkey solar solutions, including design, procurement, construction, testing, and operations & maintenance of solar power plants. Its diverse client base includes residential, commercial, industrial, and government projects.
The company specialises in the sale of solar products such as solar PV modules, inverters, and ABT meters. It is ISO certified and has a strong track record in the renewable energy sector, with over 11,000 residential rooftop installations and numerous government and industrial projects completed. Solarium Green Energy’s EPC contracts are handled on a turnkey basis, covering a wide range of services from site assessment to post-commissioning maintenance.
With over 250 employees, including a dedicated team for operations and maintenance, the company maintains a robust project pipeline. As of December 31, 2024, Solarium Green Energy has ongoing projects worth ₹18,507.16 lakh, and its continued success is driven by experienced leadership, an expanding portfolio, and a commitment to quality and timely delivery in the renewable energy industry.
How To Check the Allotment Status of Solarium Green Energy 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 the Solarium Green Energy 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 Solarium Green Energy 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 Solarium Green Energy IPO
Registered office: B-1208 World Trade Tower, B/H Skoda Showroom, Makarba, Ahmedabad - 380051, Gujarat, India.
Phone: : +91 90165 49999
E-mail: investor@solariumenergy.in
Solarium Green Energy IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50% of the net issue |
|
Retail Shares |
Not less than 35% of the net issue |
|
NII (HNI) Shares |
Not Less than 15% of the net issue |
Solarium Green Energy IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
600 |
₹1,14,600 |
|
Retail (Max) |
1 |
600 |
₹1,14,600 |
|
HNI (Min) |
2 |
1,200 |
₹2,29,200 |
Solarium Green Energy IPO Promoter Holding
Ankit Garg, and Pankaj Vallabhbhai Gothi are the promoters of the company.
|
Share Holding Pre-Issue |
78.50% |
|
Share Holding Post Issue |
- |
Solarium Green IPO Anchor Investors Details
|
Bid Date |
February 5, 2025 |
|
Shares Offered |
15,63,000 |
|
Anchor Portion Size (In ₹ Cr.) |
29.85 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
March 13, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
May 12, 2025 |
Key Performance Indicators for Solarium Green Energy IPO
As of March 31, 2024, the market capitalisation of Solarium Green Energy's IPO is ₹398.23 crore. Here are the KPIs of Solarium Green Energy:
|
KPI |
Value |
|
RoE (%) |
124.38% |
|
RoCE (%) |
54.18% |
|
Debt/Equity |
1.51 |
|
PAT Margin |
8.79 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
10.16 |
7.25 |
|
P/E (x) |
18.81 |
26.36 |
Note: The Pre-IPO EPS is based on the pre-issue shareholding as of the RHP date and the latest FY earnings as of March 31, 2024. The Post-IPO EPS is calculated using post-issue shareholding and annualised FY earnings as of September 30, 2024.
Solarium Green Energy IPO Prospectus
Solarium Green Energy IPO Registrar and Lead Managers
Solarium Green Energy IPO Lead Managers
- Beeline Capital Advisors Pvt Ltd
Registrar for Solarium Green Energy IPO
Link Intime India Private Ltd
- Contact Number:+91-22-4918 6270
- Email Address: solarium.smeipo@linkintime.co.in
Solarium Green EnergyIPO Registrar
Financial Performance of Solarium Green Energy Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ lakh) | 17,739.69 | 9,878.98 |
| Profit After Tax (PAT) (in ₹ lakh) | 1,558.97 | 173.86 |
| EPS (Earnings per Share in ₹) | 10.39 | 1.16 |
| Total Borrowings (in ₹ lakh) | 3,076.35 | 2,672.22 |
| Return on equity (%) | 124.38 | 44.93 |
| Return on capital employed (%) | 54.18 | 15.92 |
| EBITDA (in ₹ lakh) | 2,377.51 | 557.89 |
Know before investing
Strengths
8Solarium Green Energy has successfully executed 11,195 residential rooftop projects.
The company holds an ongoing order book worth ₹18,507.16 lakh.
Integrated in-house execution ensures cost efficiency and high-quality standards.
A strong presence across 10 Indian states drives business expansion.
Expertise in solar EPC projects enhances project efficiency and profitability.
Strong client and supplier relationships ensure repeat business and stability.
Experienced leadership with 20+ years of industry expertise drives growth.
In-house EPC and O&M services streamline operations for higher profitability.
Risks
8Solarium Green Energy relies heavily on Gujarat, with 75.71%-78.63% revenue from the region.
Regulatory changes in solar policies halted polycrystalline module production in 2024.
Top 10 clients contributed up to 41.01% of revenue, creating dependency risks.
Limited supplier base increases risks of raw material shortages and cost hikes.
Cost misjudgments in turnkey projects may impact profitability and project viability.
Cost misjudgments in turnkey projects may impact profitability and project viability.
Legal disputes with governments and suppliers could delay operations and increase costs.
₹18,507.16 lakh order book may face delays, modifications, or cancellations.
Solarium Green IPO Peer Comparison
| Company Name | EPS (Basic) | NAV (per share) (₹) | P/E (x) | RoNW (%) |
|---|---|---|---|---|
| Solarium Green Energy Limited | 10.39 | 13.55 | - | 76.69 |
| Zodiac Energy Limited | 7.5 | 32.51 | 51.62 | 23.06 |
| Oriana Power Limited | 33.41 | 76.21 | 22.21 | 37.13 |
