IPO Details

Bidding Dates

24 Dec '24 - 27 Dec '24

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

To be announced

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)  |  

Solar91 Cleantech IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 24, 2024

IPO Closing Date

Dec 27, 2024

Basis of Allotment

Dec 30, 2024

Initiation of Refunds

Dec 31, 2024

IPO Listing Date

Jan 1, 2025

About Solar91 Cleantech IPO

Solar91 Cleantech IPO is a book-built issue, offering 54.36 lakh equity shares through a fresh issue. The IPO is set to open for subscription on December 24, 2024, and will close on December 27, 2024. The allotment of shares is expected to be finalised on Monday, December 30, 2024, with the tentative listing date scheduled for Wednesday, January 1, 2025, on the BSE SME platform.

The IPO price band is yet to be disclosed, and the proceeds will likely support Solar91 Cleantech’s operational growth and expansion plans. Narnolia Financial Services Ltd is the book-running lead manager for the issue, while Maashitla Securities Private Limited is the registrar. The market-making responsibilities for the IPO are handled by Prabhat Financial Services Ltd.

Investors and stakeholders are keenly awaiting further announcements regarding pricing and allocation details to evaluate the investment opportunities offered by this IPO.

Industry Outlook

  1. India's renewable energy capacity has grown rapidly, reaching 143.64 GW as of March 2024. Driven by strong government initiatives, it is projected to hit 170 GW by March 2025.
  2. India's renewable energy sector has attracted ₹5.2 lakh crore (US$70 billion) since 2014, with an additional US$80 billion expected over the next four years.

Solar91 Cleantech IPO Objectives 

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. To meet the expenses for Investment in a Subsidiary for the development of Solar Projects as an Independent Power Producer (IPP).
  2. To meet the expenses for Working capital requirement for the company.
  3. To meet the expenses for General Corporate Purposes.

About Solar91 Cleantech Limited 

Incorporated in 2015, Solar91 Cleantech Limited specialises in providing Engineering, Procurement, and Construction (EPC) solar energy solutions. Catering to commercial and industrial customers, the company focuses on reducing power consumption through renewable energy systems. It serves various market segments, including rooftop solar for industrial, commercial, and residential sectors, open access, group captive solutions, agro-PV systems, and distributed solar investment opportunities.

The company has developed its own solar projects under the Independent Power Producer (IPP) model and participates in the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM Kusum) Scheme for agricultural solarisation. Recognised as a leader in Rajasthan and nationally, Solar91 has completed 191 projects across 13 Indian states and one in Africa, with a total capacity exceeding 94 MW.

The company operates for 9 years and provides EPC, IPP, and Operations and Maintenance (O&M) services. As of September 2024, it employs a skilled team of 81 professionals.

How To Check the Allotment Status of the Solar91 Cleantech IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for Solar91 Cleantech IPO online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Solar91 Cleantech IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Solar91 Cleantech IPO 

Registered office: Plot No. D-802, Sector-5, Malviya Nagar, Jaipur, Rajasthan, India, 302017

Phone: +91 805 8300 034

E-mail: info@solar91.com 

Solar91 Cleantech IPO Reservation

Investor Category

Shares Offered

QIB Shares Offered

Not more than 50% of the Net Issue

Retail Shares Offered

Not less than 35% of the Net Issue

NII (HNI) Shares Offered

Not more than 15% of the Net Isssue

Solar91 Cleantech IPO Promoter Holding

Mr. Prateek Agrawal, Mr. Saurabh Vyas, Mr. Sandeep Gurnani and Mr. Dhawal Gaurang Vasavada are the promoters of the company.

Share Holding Pre-Issue

69.75%

Share Holding Post Issue

51.26%

Key Performance Indicators for Solar91 Cleantech IPO

KPI

Value

ROE (%)

0.50%

ROCE (%)

25.81%

Debt/Equity (x)

2.30

RoNW (%)

49.51%

PAT Margin (%)

5.46%

Solar91 Cleantech IPO Prospectus

Solar91 Cleantech IPO Registrar and Lead Managers

Solar91 Cleantech IPO Lead Managers

  • Narnolia Financial Services Ltd

Registrar for Solar91 Cleantech IPO

Maashitla Securities Private Limited

  • Contact Number: +91-11-45121795-96
  • Email Address: ipo@maashitla.com

Website: Solar91 Cleantech IPO Registrar

Financial Performance of Solar91 Cleantech Limited

Particulars For the period ended September 30, 2024 Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operation (in ₹ lakh) 5,024.73 4,277.35 3,758.13 4,157.02
Profit After Tax (PAT) (in ₹ lakh) 400.01 233.45 20.33 32.34
Net Worth (in ₹ lakh) 2,843.35 471.50 235.68 130.56
Operating Cashflow (in ₹ lakh) (1,382.98) 396.76 (334.27) (374.54)
Return on Net Worth (%) 14.07% 49.51% 8.62% 24.77%
Return on Capital Employed (%) 16.44% 25.81% 8.77% 22.10%
Current Ratio (x) 2.20 1.94 2.98 1.38
Earning Per Share (EPS)-in absolute ₹ 2.83 2.17 0.20 0.46

Know before investing

Strengths

6

  1. Promoted by IIT graduates, enhancing credibility and operational excellence.

  2. Geographical diversity across major Indian states boosts client accessibility.

  3. Innovative cluster-based EPC and IPP model optimises resource usage.

  4. Significant order book of 157 MW under PM Kusum C2.

  5. Achieved the lowest bidder status for 24+ MW projects in Karnataka.

  6. Industry-leading turnaround times, maximising client savings.

Risks

6

  1. First-generation promoters with limited listed company management experience.

  2. Premises are rented, posing risks of operational disruptions.

  3. Reliance on Key Management Personnel; loss may impact operations.

  4. Solar projects require significant upfront investment and financing challenges.

  5. Dependence on favourable weather; bad conditions impact solar output.

  6. Potential promoter conflicts in future could increase market competition.

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Solar91 Cleantech Limited Peer Details Comparison

Company Name EPS (Basic) (₹) NAV (per share) (₹) P/E (x) RoNW (%)
Solar91 Cleantech Limited 2.17 - - 49.51%
Oriana Power Limited 33.93 7.88 65.1 36.47%
Waaree Renewable Technologies Limited 14.3 12.45 95.3 57.43%

Solar91 Cleantech IPO FAQs

What is the Solar91 Cleantech IPO?

Solar91 Cleantech IPO is a book-built issue IPO. It will be open from December 24, 2024 to December 27, 2024.

When will Solar91 Cleantech IPO be allotted?

The Basis of Allotment will happen on Monday, December 30, 2024.

When will Solar91 Cleantech IPO open for subscription?

The IPO subscription window will open on December 24, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is yet to be announced.

When will Solar91 Cleantech Limited list on exchanges?

The listing date for Solar91 Cleantech Limited is Wednesday, January 1, 2025.

What is the issue size of Solar91 Cleantech IPO?

The issue size of the Solar91 Cleantech IPO is yet to be announced.

What are the open and close dates of the Solar91 Cleantech IPO?

The open and close dates for Solar91 Cleantech IPO are from December 24, 2024, to December 27, 2024.

What would be the listing gains on the Solar91 Cleantech IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

How to increase your chances of getting a Solar91 Cleantech IPO allotment?

1. Multiple Submissions: Use different Demat accounts to make multiple applications.
2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for Solar91 Cleantech IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Solar91 Cleantech Limited using one PAN?

You can submit only one application using your PAN card.

How to read Solar91 Cleantech Limited's financial statements?

To read Solar91 Cleantech’s financial statements, download the IPO’s RHP document.

What is 'pre-apply' for Solar91 Cleantech Limited IPO?

Pre-apply allows investors to apply for the Solar91 Cleantech IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the Solar91 Cleantech Limited IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.

When will I know if my Solar91 Cleantech Limited IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts.

Who is the registrar of Solar91 Cleantech IPO?

Maashitla Securities Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.

Where is the Solar91 Cleantech IPO getting listed?

Solar91 Cleantech Limited IPO is proposed to be listed on the SME platform of Bombay Stock Exchange (BSE).