Today, Thursday, February 6, marks the start of Solarium Green Energy's initial public offering (IPO), which is open for subscription until Monday, February 10. Following that, investors are eligible to apply for a minimum of 600 equity shares and their multiples. The price range for the company's shares is Rs 181 to Rs 191 each.
Solarium Green Energy, a company based in Ahmedabad, was established in 2015 and focuses on solar solutions. It provides turnkey solar solutions that cover design, engineering, procurement, construction, testing, commissioning, transmission systems, operation, and maintenance for solar projects in homes, businesses, industries, and government agencies.An initial public offering (IPO) of up to 54,99,600 shares, valued at Rs 105.04 crore, is being offered by Solarium Green Energy.The net proceeds of the issue will be utilized for working capital needs as well as general business purposes. Solarium Green was trading at a grey market premium (GMP) of Rs 20 per share on the first day, indicating a 10% increase.
By distributing 15,63,000 shares to 15 anchor investors, it raised a total of Rs 29.85 crore prior to its IPO. The anchor book contains funds such as Next Orbit Growth Fund, Nexus Equity Growth Fund, M7 Global Fund, Mavira Growth Opportunities Fund, Aarth AIF, Niveshaay Hedgehogs Fund, NAV Capital VCC, Pine Oak Global Fund, and India Max Investment Fund.
Retail investors are only permitted to apply for one lot, or 600 equity shares totaling Rs 1,14,600. A minimum of two lots, or 1,200 equity shares, totaling Rs 2,29,200, are available for other investors to apply for. QIBs will receive 50% of the company's net offer, while retail and non-institutional investors (NIIs) will receive 15% and 35% of the allocation, respectively.
Site assessment, technology evaluation, engineering, supply chain management, construction, logistics, labor, financial planning, and warranties for solar projects are all covered by Solarium Green Energy's turnkey EPC contracts. In the last three years, it has finished 11,195 residential, 172 commercial and industrial, and 17 government solar projects.
For the six months ending September 30, 2024, Solarium Green Energy reported a net profit of Rs 7.55 crore on revenue of Rs 82.34 crore. For the fiscal year 2023–2024, the company generated Rs 177.81 crore in revenue and a net profit of Rs 15.59 crore. A little over Rs 398 crore will be the company's total market capitalization.
The Solarium Green IPOs book running lead manager is Beeline Capital Advisors, and the issue's registrar is Link Intime India. Spread X Securities is the market maker for the Solarium Green initial public offering. The allocation will be finalized by Tuesday, Friday 11 and distributed by Wednesday, Friday 12. The shares of the company will be listed on the BSE SME platform on Thursday, February 13, 2025.
