Solar energy solutions provider Solar91 Cleantech, backed by Tikri Investments’ Prashant Jain and Syrma SGS Technology’s Krishna Kumar Pant, is set to launch its Rs 106-crore initial public offering (IPO) on December 24.
Key IPO Details:
- Offer Size: Rs 106 crore
- Issue Type: Fresh issue of 54.36 lakh equity shares
- Price Band: Rs 185-195 per share
- IPO Timeline:
- Opens: December 24
- Closes: December 27
- Anchor book: December 23
- Basis of allotment: December 30
- Listing Date: January 1 on BSE SME
Promoter & Shareholding Structure:
- Promoters: 69.75% stake
- Public Shareholders: 30.25%, including:
- Krishna Kumar Pant: 6.77%
- Tikri Investments: 4.15%
Business Overview:
Founded in 2015 by four IIT alumni (Saurabh Vyas, Prateek Agrawal, Dhawal Gaurang Vasavada, and Sandeep Gurnani), Solar91 Cleantech is a turnkey EPC contractor specializing in solar power projects.
- Commissioned Projects:
- 191 solar plants across 13 Indian states and 1 in Kenya
- Total commissioned capacity: 94+ MW
- Current Order Book:
- 6.593 MW under EPC model across six states
- 157.36 MW solar power projects under IPP model in Rajasthan
Fund Utilization:
Proceeds from the IPO will be used for:
- Investment in subsidiaries for IPP solar project development
- Working capital requirements
- General corporate purposes
Solar91 Cleantech’s strong project portfolio, backed by notable investors, highlights its commitment to clean energy solutions across India and Africa.
