Solar91 Cleantech IPO

Solar91 Cleantech IPO

Solar91 Cleantech IPO will open for subscription on December 24, 2024, and close on December 27, 2024. The allotment is expected to be finalized on Monday, December 30, 2024, and the shares are scheduled to be listed on the BSE SME platform on Wednesday, January 1, 2025. The IPO price band is set between ₹185 to ₹195 per share, with a minimum application size of 600 shares per lot, requiring a minimum investment of ₹1,17,000 for retail investors. High Net Worth Individuals (HNIs) can apply for a minimum of two lots, amounting to an investment of ₹2,34,000. The IPO is managed by Narnolia Financial Services Ltd as the book running lead manager, with Maashitla Securities Private Limited serving as the registrar and Prabhat Financial Services Ltd as the market maker.

Please refer to the Solar91 Cleantech IPO Red Herring Prospectus (RHP) for comprehensive details and insights.

Solar91 Cleantech IPO Details

IPO DateDecember 24, 2024 to December 27, 2024
Face Value₹10 per share
Price Band₹185 to ₹195 per share
Lot Size600 Shares
Total Issue Size54,36,000 shares
(aggregating up to ₹106.00 Cr)
Fresh Issue54,36,000 shares
(aggregating up to ₹ 106.00 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE SME
Share Holding Pre Issue1,50,77,809 shares
Share Holding Post Issue2,05,13,809 shares
Market Maker Portion3,04,800 shares

Solar91 Cleantech IPO Timeline

IPO Open DateTuesday, December 24, 2024
IPO Close DateFriday, December 27, 2024
Basis of AllotmentMonday, December 30, 2024
Initiation of RefundsTuesday, December 31, 2024
Credit of Shares to DematTuesday, December 31, 2024
Listing DateWednesday, January 1, 2025
Cut-off time for UPI mandate confirmation5 PM on December 27, 2024

Solar91 Cleantech IPO Lot Size

Investors can place bids starting with a minimum of 600 shares and in multiples thereof. The table below outlines the minimum and maximum investment requirements for retail investors and HNIs, presented in terms of the number of shares and the corresponding investment amount.

ApplicationLotsSharesAmount
Retail (Min)1600₹1,17,000
Retail (Max)1600₹1,17,000
HNI (Min)21,200₹2,34,000

Solar91 Cleantech IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50% of the Net Issue
Retail Shares OfferedNot less than 35% of the Net Issue
NII (HNI) Shares OfferedNot less than 15% of the Net Issue

About Solar91 Cleantech Limited

Incorporated in 2015, Solar91 Cleantech Limited specializes in providing Engineering, Procurement, and Construction (EPC) Solar Energy Solutions to commercial and industrial clients, helping them reduce power consumption through renewable energy systems. The company primarily focuses on the distributed renewable energy market, catering to industrial, commercial, and residential sectors with rooftop solar, open access and group captive solutions, agro-PV, and distributed solar investment opportunities.

Solar91 is also actively developing its own solar projects under the Independent Power Producer (IPP) model and has commenced work under the PM Kusum Scheme, a government initiative aimed at solarizing agricultural feeders. Recognized as an industry leader, the company has received multiple awards, particularly for its achievements in the Commercial and Industrial Solar PV sector in Rajasthan and across India.

Key Business Segments:

  1. EPC Model: Delivering customized solar solutions for the commercial and industrial segments.
  2. IPP Model: Operating and maintaining solar projects through wholly owned subsidiaries.
  3. Operations & Maintenance (O&M): Providing end-to-end O&M services for solar projects developed under both EPC and IPP models.

With over 94 MW of capacity commissioned across 191 projects in India and an EPC project completed in Kenya, the company has a strong footprint in 13 states and Africa.

Competitive Strengths:

  • Wide Geographical Presence: Serving clients across India with a cluster-based approach.
  • Unique Business Model: Distributed Solar EPC and IPP operations tailored to meet client needs.
  • Robust Order Book: Leveraging favorable national policies to secure large-scale projects.
  • Industry-Leading Turnaround Time: Rapid project execution with unmatched efficiency.
  • In-House Expertise: Dedicated design and government approvals team for seamless operations.
  • Digital Integration: Leveraging technology to enhance organizational efficiency.

As of September 30, 2024, Solar91 Cleantech employs a team of 81 professionals, driving its growth and innovation in the solar energy sector.

Would you like further adjustments or additional emphasis on certain areas like the PM Kusum Scheme or financial highlights?

Solar91 Cleantech IPO FAQs

What is the Solar91 Cleantech IPO?

The Solar91 Cleantech IPO is an SME IPO offering 5,436,000 equity shares with a face value of ₹10, aggregating up to ₹106.00 Crores. The price band for the IPO is set between ₹185 and ₹195 per share, with a minimum order quantity of 600 shares.

The IPO will open for subscription on December 24, 2024, and close on December 27, 2024. The shares are proposed to be listed on the BSE SME platform.

Maashitla Securities Private Limited is the registrar for the IPO.

When Solar91 Cleantech IPO will open?

The Solar91 Cleantech IPO opens on December 24, 2024 and closes on December 27, 2024.

What is the lot size of Solar91 Cleantech IPO?

The Solar91 Cleantech IPO has a lot size of 600 shares, and the minimum amount required for retail investors is ₹1,17,000.

When is Solar91 Cleantech IPO allotment?

The finalization of the Basis of Allotment for the Solar91 Cleantech IPO will be done on Monday, December 30, 2024, and the allotted shares will be credited to your demat account by Tuesday, December 31, 2024.

When is Solar91 Cleantech IPO listing date?

The Solar91 Cleantech IPO is scheduled to be listed on Wednesday, January 1, 2025.

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