Upcoming IPO: Solar 91 Cleantech Limited has filed its Draft Red Herring Prospectus (DRHP) at the Bombay Stock Exchange's SME platform for its initial public offering (IPO), which, as per the filing, aims to raise approximately ₹100 crore through the issuance of 54.36 lakh equity shares with a face value of INR 10 each on September 2, 2024.
Narnolia Financial Services Limited and Maashitla Securities Private Limited have been appointed to manage the IPO process.
The company is rapidly increasing its presence across India and recently emerged as the lowest bidder in IPP projects in Karnataka. The company is also in the process of developing Solar Parks for Captive Open-Access Consumers in Rajasthan and Karnataka.
The company provides turnkey Engineering, Procurement, and Construction (EPC) services to commercial and industrial customers across India. It currently has an order book of more than 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 - Feeder Level Solarization) Scheme.
Solar 91, headquartered in Jaipur, Rajasthan, has successfully commissioned nearly 80MW in distributed solar projects across 13 states. The company plans to use the IPO proceeds primarily for project development as an IPP and to meet its working capital requirements as an EPC company.
Solar91 has received institutional debt support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organizations in the Asia-Pacific and Africa regions. The company has also been backed by marquee investors, including Krishna Pant (founder, SGS Tekniks), Prashant Jain (Tikri Investments), Lalit Dua (Rajasthan Global Securities), and other renowned names.
The IPO filing comes as Solar91 has emerged as the lowest bidder in IPP projects in Karnataka and is in the process of developing solar parks for captive open-access consumers in Rajasthan and Karnataka.
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