The initial public offering (IPO) of Solarium Green Energy kicks-off for bidding on today, that is Thursday, February 6 and the issue can be subscribed until Monday, February 10. The company is offering its shares in the range of Rs 181-191 apiece for which investors can apply for a minimum of 600 equity shares and its multiples thereafter.
Incorporated in 2015, Ahmedabad-based Solarium Green Energy is engaged in the business of solar solutions. It provides turnkey solar solutions, including design, engineering, procurement, construction, testing, commissioning, transmission systems, and Operation & Maintenance for residential, commercial, industrial, and government solar projects.
The IPO of Solarium Green Energy is entirely a fresh share sale of up to 54,99,600 shares amounting to Rs 105.04 crore. The net proceeds from the issue shall be utilized towards meeting working capital requirements and general corporate purposes. On the first day, Solarium Green was commanding a grey market premium (GMP) of Rs 20 apiece, suggesting a 10 per cent upside.
Ahead of its IPO, it raised a total of Rs 29.85 crore via 15 anchor investors by allocating them 15,63,000 shares. Anchor book includes names like India Max Investment Fund, Aarth AIF, Niveshaay Hedgehogs Fund, NAV Capital VCC, Next Orbit Growth Fund, Nexus Equity Growth Fund, M7 Global Fund, Mavira Growth Opportunities Fund, Saint Capital and Pine Oak Global Fund.
Retail investors can apply for a single lot only, that is only for 600 equity shares amounting to Rs 1,14,600. Other investors can apply for a minimum of two lots, or 1,200 equity shares, amounting to Rs 2,29,200. The company has reserved 50 per cent net offer for QIBs, while non-institutional investors (NIIs) and retail investors will get 15 per cent and 35 per cent of allocation.
Solarium Green Energy offers turnkey EPC contracts, covering site assessment, technology evaluation, engineering, supply chain management, construction, logistics, manpower, financial planning, and warranties for solar projects. It has completed 11,195 residential, 172 commercial and industrial, and 17 government solar projects in the past three years.
Solarium Green Energy reported a net profit of Rs 7.55 crore with a revenue of Rs 82.34 crore for the six months ended on September 30, 2024. The company clocked a net profit of Rs 15.59 crore with a revenue of Rs 177.81 crore for the financial year 2023-24. The company shall command a total market capitalization of little more than Rs 398 crore.
Beeline Capital Advisors is the book running lead manager of the Solarium Green IPO, while Link Intime India is the registrar for the issue. The market maker for Solarium Green IPO is Spread X Securities. The allotment shall be finalized by Tuesday, Friday 11 and shall be out by Wednesday, Friday 12. Shares of the company shall be listed at the bourses on Thursday, February 13, 2025 on BSE SME platform.