Solar91 Cleantech Ltd, a company specializing in solar energy solutions, is launching its Initial Public Offering (IPO) on the BSE SME platform. Here are the key details:

IPO Details:

• Issue Period: December 24 to December 27, 2024
• Issue Size: ₹106 crore, comprising a fresh issue of 54.36 lakh equity shares
• Price Band: ₹185 to ₹195 per equity share
• Lot Size: 600 shares, requiring a minimum investment of ₹117,000
• Listing Date: Expected on January 2, 2025, on the BSE SME platform

Subscription Details:

The IPO is structured as a book-built issue with the following reservation:

• Qualified Institutional Buyers (QIBs): 50%
• Non-Institutional Investors (NIIs): 15%
• Retail Individual Investors (RIIs): 35%

The IPO was subscribed 0.00 times, with no bids received.

Company Overview:

Established in 2015, Solar91 Cleantech Ltd offers end-to-end solar energy solutions to commercial and industrial clients. The company designs, constructs, operates, and maintains both grid-connected and off-grid solar power systems. Solar91 operates through three primary business segments:

• Engineering, Procurement, and Construction (EPC) Model: Providing turnkey solutions for solar power projects.
• Independent Power Producer (IPP) Model: Developing and operating solar power plants to sell electricity.
• Operations and Maintenance (O&M) Segment: Offering maintenance services for solar power installations.

The company has an order book of around 157 MW of projects under the PM Kusum C2 scheme in Rajasthan.

Financial Highlights:

• Revenue (FY 2024): ₹68.83 crore
• Net Profit (FY 2024): ₹14.27 crore

Utilization of Funds:

Proceeds from the IPO are planned for:

• Investment in Subsidiary for Development of Solar Projects as an Independent Power Producer (IPP)
• Working Capital Requirements
• General Corporate Purposes
• Issue Expenses

For more detailed information, you may refer to the official prospectus and financial reports of Solar91 Cleantech Ltd.