Solar91 Cleantech SME IPO to open on Dec 24; value band set at ₹185-195/share
Solar91 Cleantech, an EPC options supplier, stated on Sunday that it has set a value vary of ₹185–195 per fairness share for the inaugural share sale, which can happen on 24 December and lift ₹106 crore.
On 27 December, the preliminary public providing (IPO) will come to an finish. In line with an announcement from the agency, the anchor investor public sale will open for sooner or later on Monday, as reported by PTI.
The corporate’s shares shall be listed on the BSE’s SME platform. The enterprise will elevate round ₹106 crore on the prime finish of the value vary, it continued.
The purple herring prospectus states that the deliberate IPO is a brand new providing of 543,600 fairness shares, every with a face worth of ₹10.
The IPO proceeds shall be used to cowl basic enterprise functions, meet working capital necessities, and pay for the prices of investing in its subsidiary for the development of photo voltaic vegetation as an impartial energy producer (IPP).
“This IPO marks a brand new chapter for the corporate, empowering us to speed up our progress, broaden our IPP portfolio, and proceed delivering sustainable, high-quality photo voltaic power options to shoppers throughout home, agricultural, and industrial sectors.
“With the rising emphasis on renewable power in India, we’re poised to play a pivotal position in advancing the nation’s inexperienced power targets,” Solar91 Cleantech’s Chairperson and Entire Time Director Saurabh Vyas, stated.
Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, 4 IIT graduates, created Solar91, which has its headquarters in Jaipur, in 2015.
The agency specialised in providing industrial and industrial shoppers nationwide complete engineering, procurement, and building (EPC) providers.
In FY24, Solar91 Cleantech reported making ₹2.33 crore in revenue after tax (PAT) on income of ₹42.77 crore. As of September 24, it had a PAT of ₹4 crore and gross sales of ₹50.25 crore.
The problem’s registrar is Maashitla Securities Pvt Ltd, and the book-running lead supervisor is Narnolia Monetary Companies Ltd.
