Solar91 Cleantech IPO: BSE postpones SME issue; here's what stock exchange says

The initial public offering on Solar91 Cleantech was put on hold by BSE Ltd (formerly known as the Bombay Stock Exchange) on Monday, December 23. The company was set to launch its issue for anchor investors today and the issue was slated to kick-off for public investors on Tuesday, December 24.

It is hereby notified that in view of certain quarries raised by complainants in the media, the same needs further examination. In view of the same, pending further examination, the IPO bidding for anchor investors today and for public tomorrow is postponed till further notice, said BSE in its circular on Solar91 Cleantech IPO.

Solar91 Cleantech was looking to raise a total of Rs 106 crore via IPO, which was entirely a fresh issue of 54,36,000 equity shares. Price band for the issue was fixed at Rs 185-195 apiece, for which investors could apply for a minimum of 600 equity shares. Each lot for this IPO amounted to Rs 1,17,000. The bidding was set to conclude on Thursday, Friday, December 27.

Incorporated in 2015, Jaipur-based Solar91 Cleantech is engaged in providing engineering, procurement, and construction (EPC) of Solar Energy Solutions to commercial and industrial customers with renewable energy systems to help reduce their power consumption.

The company primarily focuses on serving customers and investors in the distributed renewable energy market. This includes rooftop solar for industrial, commercial, and residential sectors, as well as open access, group captive solutions, agro PV, and distributed solar investment opportunities.

Narnolia Financial Services is the book running lead manager of the Solar91 Cleantech IPO, while Maashitla Securities is the registrar for the issue. The market maker for Solar91 Cleantech IPO is Prabhat Financial Services Ltd. Shares of the company were supposed to debut on the SME platform of BSE on Wednesday, January 31.

For the six months ended on September 30, 2024, Solar91 Cleantech reported a net profit at Rs 4 crore with a revenue of Rs 50.54 crore. The company's bottomline came in at Rs 2.36 crore with a revenue of Rs 42.98 crore for the financial year 2023-24.