Solar91 Cleantech, a solar energy solutions company, is opening its Initial Public Offering (IPO) for investment next week. The IPO will be available for subscription from December 24 to December 27.
The price band is set at Rs 185-195 per share, and the stock is trading at a premium of Rs 50 in the grey market.
This IPO is part of the BSE SME issue, valued at Rs 106 crore. The company is offering a fresh issue of 54.36 lakh equity shares.
The anchor book will open for a single day on December 23, while the basis of share allotment will be finalized by December 30. Trading of the company’s shares will begin on January 1 on the BSE SME platform.
The company’s promoters hold 69.75% of the shares, while 30.25% is owned by public shareholders, including Krishan Kumar Pant (6.77%)
and Tikri Investments (4.15%). Narnolia Financial Services is managing the IPO as the merchant banker.
Solar91 Cleantech: Business and Background
Founded in 2015 by four IITians—Saurabh Vyas, Prateek Agarwal, Dhaval Gaurang Vasavada, and Sandeep Gurnani—in Rajasthan, Solar91 Cleantech specializes in building
and maintaining grid-connected and off-grid solar energy projects. The company operates as a turnkey EPC (Engineering, Procurement, and Construction) contractor.
Solar91 has commissioned 191 solar plants across 13 states in India and one in Kenya, Africa, under the EPC model.
It has also completed two projects under the IPP (Independent Power Producer) model, commissioning solar plants with a total capacity of 94+ megawatts (MW).
Currently, the company’s order book includes 6.593 MW of projects in six Indian states under the EPC model, and it is developing 157.36 MW of solar energy projects in Rajasthan under the IPP model.
The company is supported by prominent investors, including Prashant Jain of Tikri Investments and Krishan Kumar Pant of Sirma SGS Technology, adding credibility to its operations and growth potential.
