Solar91 Cleantech, an EPC options supplier, stated on Sunday that it has set a worth vary of ₹185–195 per fairness share for the inaugural share sale, which can happen on 24 December and lift ₹106 crore.
Solar91 has efficiently commissioned practically 80 MW of distributed photo voltaic tasks throughout 13 Indian states.(Bloomberg/Representational picture)
On 27 December, the preliminary public providing (IPO) will come to an finish. Based on an announcement from the agency, the anchor investor public sale will open for sooner or later on Monday, as reported by PTI.
The corporate’s shares shall be listed on the BSE’s SME platform. The enterprise will increase round ₹106 crore on the high finish of the value vary, it continued.
The purple herring prospectus states that the deliberate IPO is a brand new providing of 543,600 fairness shares, every with a face worth of ₹10.
The IPO proceeds shall be used to cowl normal enterprise functions, meet working capital necessities, and pay for the prices of investing in its subsidiary for the development of photo voltaic vegetation as an unbiased energy producer (IPP).
“This IPO marks a new chapter for the company, empowering us to accelerate our growth, expand our IPP portfolio, and continue delivering sustainable, high-quality solar energy solutions to clients across domestic, agricultural, and industrial sectors.
“With the rising emphasis on renewable vitality in India, we’re poised to play a pivotal position in advancing the nation’s inexperienced vitality targets,” Solar91 Cleantech’s Chairperson and Complete Time Director Saurabh Vyas, stated.
Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, 4 IIT graduates, created Solar91, which has its headquarters in Jaipur, in 2015.
The agency specialised in providing business and industrial shoppers nationwide complete engineering, procurement, and building (EPC) providers.
In FY24, Solar91 Cleantech reported making ₹2.33 crore in revenue after tax (PAT) on income of ₹42.77 crore. As of September 24, it had a PAT of ₹4 crore and gross sales of ₹50.25 crore.
The problem’s registrar is Maashitla Securities Pvt Ltd, and the book-running lead supervisor is Narnolia Monetary Companies Ltd.