Solar91 Cleantech Limited, a leading provider of Engineering, Procurement, and Construction (EPC) solar energy solutions, is set to launch its much-awaited Initial Public Offering (IPO) to raise funds for its expansion. This IPO offers investors an exciting opportunity to be part of the growing renewable energy sector in India. Below, we delve into the key details and financials of Solar91 Cleantech IPO.
About Solar91 Cleantech Limited
Founded in 2015, Solar91 Cleantech specializes in providing EPC solar energy solutions, catering primarily to commercial and industrial clients. The company has over 94 MW of solar projects commissioned across 13 states in India. With a focus on reducing power consumption through renewable energy systems, Solar91 operates in diverse sectors, including rooftop solar, group captive solutions, agro-PV systems, and distributed solar investments.
Key facts about Solar91 Cleantech:
- CEO: Mr. Prateek Agrawal
- Peers: Oriana Power Ltd, Waaree Renewable Technologies Ltd
- Unique Offering: Solar91 develops solar projects under the Independent Power Producer (IPP) model, making it a leader in Rajasthan and other regions.
Solar91 Cleantech IPO Details
Solar91 Cleantech’s IPO is set to raise around ₹106.00 Crores through a book-built issue. The IPO will consist of a fresh issue with no offer for sale. The proceeds will be used for various purposes, including investment in subsidiaries for solar project development, meeting working capital requirements, and covering general corporate expenses.
| Detail | Information |
| IPO Open Date | 2025 (Tentative) |
| IPO Close Date | 2025 (Tentative) |
| Face Value | ₹10 per equity share |
| Price Band | ₹185 to ₹195 per share |
| Total Issue Size | ₹106.00 Crores |
| Fresh Issue | ₹106.00 Crores |
| Issue Type | Book Built Issue |
| Listing | BSE SME |
Solar91 Cleantech IPO Lot Size
The minimum market lot for this IPO is set at 600 shares, requiring an investment of ₹1,17,000 for retail investors. HNI investors can apply for a minimum of 1,200 shares (2 lots), with a total application amount of ₹2,34,000.
| Application | Lot Size | Shares | Amount |
| Retail (Min) | 1 | 600 | ₹1,17,000 |
| Retail (Max) | 1 | 600 | ₹1,17,000 |
| HNI (Min) | 2 | 1,200 | ₹2,34,000 |
IPO Quota Allocation
The IPO offers a book-built issue, and the quota allocation is as follows:
| Category | Shares Offered |
| QIB Quota | Not more than 50% of the Net Issue |
| Retail Quota | Not more than 35% of the Net Issue |
| NII (HNI) Quota | Not more than 15% of the Net Issue |
Financial Performance of Solar91 Cleantech
Solar91 Cleantech has demonstrated a solid growth trajectory in its financials over the past years. The company’s revenue from operations has steadily increased, and its profitability metrics highlight strong operational efficiency.
| Particulars | FY22 (₹ Cr.) | FY23 (₹ Cr.) | FY24 (₹ Cr.) |
| Revenue from Operation | 42.01 | 37.67 | 42.97 |
| EBITDA | 0.61 | 0.83 | 3.85 |
| PAT | 0.32 | 0.20 | 2.33 |
| Total Assets | 9.54 | 12.99 | 24.95 |
| Share Capital | 0.01 | 0.02 | 0.02 |
| Total Borrowings | 2.26 | 7.76 | 10.85 |
| Net Cash Generated (Operating) | -3.75 | -3.34 | -3.97 |
Solar91 Cleantech IPO Objectives
The funds raised through the IPO will be utilized for the following purposes:
- Investment in Subsidiary: For the development of solar projects under the IPP model.
- Working Capital Requirements: To support ongoing operations and expansion.
- General Corporate Purposes: To enhance the company’s operational capabilities.
Analysis of Solar91 Cleantech
Strengths:
- Geographical Presence: Operates across 13 states, including Karnataka, Maharashtra, Gujarat, Rajasthan, Haryana, and more.
- Innovative Model: Pioneers the cluster-based distributed solar EPC and IPP model.
- Project Expertise: Recognized industry leader with fast project turnaround times and significant order books.
- Government Support: Strong backing through government initiatives like the PM Kusum C2 scheme.
Risks:
- Government Dependency: Heavy reliance on government policies for project viability.
- Limited International Presence: Primarily operating in India and Kenya, with limited global expansion.
- Competition: The renewable energy sector is highly competitive, with numerous players vying for market share.
- Operational Risks: Risks associated with the company’s dispersed project locations and a relatively small workforce of 81 employees.
How to Apply for the Solar91 Cleantech IPO
To apply for the Solar91 Cleantech IPO, follow these steps:
- Log in to your account on Angel One or other IPO application platforms.
- Navigate to the IPO section and select Solar91 Cleantech IPO.
- Enter the lot size and number of shares you wish to apply for.
- Submit your UPI ID for payment processing.
- Approve the payment request on your UPI app by entering your PIN.
Conclusion
Solar91 Cleantech IPO offers an exciting opportunity for investors looking to tap into the rapidly growing renewable energy sector in India. With strong government support, a unique business model, and significant growth potential, this IPO is certainly one to watch.
However, investors should also consider the potential risks, such as the company’s dependence on government policies and its relatively small workforce. We recommend keeping an eye on further announcements regarding the IPO and the company’s financial performance.
