Solar91 Cleantech files DRHP with BSE to launch Rs 100 crore SME IPO

Amid the rising craze of solar-led companies and issues, another peer from the space named Solar91 Cleantech has filed its draft red herring prospectus (DRHP) with BSE to launch its initial public offering (IPO) on the SME platform of the exchange.
 

As per the draft papers, the IPO will consist of a fresh issue of 54.36 lakh shares at a face value of Rs 10 each, worth about Rs 100 crore. The company has appointed Narnolia Financial Services as the ;ead Manager to the issue, while Maashitla Securities has been named as the registrar for the issue.
 

Incorporated in 2015, Solar91 Cleantech is founded by a number of IIT graduates, who aimed to contribute towards a clean energy driven India. The company provides turnkey EPC services to commercial and industrial customers across India.
 

Currently, it has an order book of more than 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 - Feeder Level Solarization) Scheme. The Jaipur-based company has worked in 13 states across India having successfully commissioned close to 80 MW in distributed Solar Projects.
 

The company net proceeds from the issue shall be utilized towards development of projects as an IPP; meeting its working capital requirements as an EPC company; and general corporate purposes. Solar91 recently emerged as the lowest bidder in IPP projects in Karnataka.
 

Solar 91 is also in the process of developing Solar Parks for Captive Open Access Consumers in Rajasthan and Karnataka. It has received institutional debt support from Netherland based Energy Access Relief Fund which supports clean energy organizations in APAC & Africa.
 

Solar 91 is backed by names like Prashant Jain of Tikri Investments, who served as MD & CEO of JSW Energy; Krishna Pant, founder of SGS Tekniks; Lalit Dua of Rajasthan Global Securities) and others. A number of IITians have also invested in the company in the previous rounds.