Solar91 Cleantech Files for IPO to Raise INR 100 Crore
Solar91 Cleantech has filed for an INR 100 crore IPO on the BSE SME platform. The funds will be used to expand its independent power producer (IPP) projects, develop solar parks, and meet working capital needs, strengthening its position in India’s solar sector.
September 24, 2024. By EI News Network
As per media reports, it is seeking to raise around INR 100 crore through a fresh issue of 54.36 lakh shares, each with a face value of INR 10, via the book-building route.
Further, media reports indicate that the funds from the IPO will mainly support Solar91’s expansion as an independent power producer (IPP). Additionally, part of the proceeds will be directed towards working capital needs and general corporate purposes. So far, the company has commissioned nearly 80 MW of distributed solar projects.
It may be noted that Solar91 recently made headlines by emerging as the lowest bidder for IPP projects in Karnataka. It is also developing solar parks for captive open access consumers in Rajasthan and Karnataka. The company has also secured an order book of over 155 MW under the PM Kusum scheme, further strengthening its position as an independent power producer (IPP).
The company’s efforts have attracted institutional debt support from the Netherlands-based Energy Access Relief Fund, which provides backing to clean energy companies in the APAC and African regions. Solar91 has also drawn the attention of prominent investors, including Krishna Pant, founder of SGS Tekniks, Prashant Jain, Lalit Dua of Rajasthan Global Securities, Manoj Agrawal, and Anirudh Arun, co-founder of EV ride-hailing service Blu Smart.
As per the firm, Narnolia Financial Services Ltd. has been appointed as the book-running lead manager for the IPO, while Maashitla Securities will serve as the registrar to the issue. Upon completion, the company’s shares will be listed on the BSE SME platform.
This IPO marks a significant step in Solar91 Cleantech’s journey to further expand its operations and solidify its position in the growing solar energy market in India.
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