Solar91 Cleantech Files Draft Papers to Raise Rs 100 Crore via SME IPO on BSE

Solar91 Cleantech, a provider of solar energy solutions, has submitted its initial documents to the BSE SME platform for an upcoming IPO. The offering consists entirely of a new issue of 54.36 lakh shares, each valued at Rs 10, totalling approximately Rs 100 crore through the book-building process. The company plans to use the funds raised for project development as an independent power producer (IPP) and to cover working capital needs and general corporate expenses.

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Founded in 2015 by four IIT graduates—Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada—Solar91 is based in Jaipur. The company offers comprehensive engineering, procurement, and construction (EPC) services to commercial and industrial clients across India. It has completed nearly 80 megawatts (MW) of distributed solar projects in 13 states.

Solar Projects and Investments

Recently, Solar91 secured the lowest bid for IPP projects in Karnataka. The firm is also developing solar parks for captive open access consumers in Rajasthan and Karnataka. As an IPP under the PM Kusum scheme, it holds an order book exceeding 155 MW. Institutional debt support has been provided by the Energy Access Relief Fund from the Netherlands, which aids clean energy organisations in APAC and Africa.

The company is supported by notable investors such as Krishna Pant of SGS Tekniks, Prashant Jain, Lalit Dua from Rajasthan Global Securities, Manoj Agrawal, and Anirudh Arun, co-founder of EV ride-hailing service Blu Smart. Narnolia Financial Services Ltd has been appointed as the book-running lead manager for the IPO, with Maashitla Securities serving as the registrar.

Future Prospects and Market Listing

Solar91's shares are set to be listed on the BSE's SME platform following the IPO. This move marks a significant step in expanding its market presence and enhancing its financial capabilities. The company's strategic initiatives aim to strengthen its position as a key player in India's renewable energy sector while continuing to deliver sustainable energy solutions nationwide.

The company's commitment to renewable energy aligns with global trends towards sustainable development. With a strong order book and backing from prominent investors, Solar91 is well-positioned to capitalise on growth opportunities in the solar energy market. Its focus on innovation and efficiency will likely drive future success in this rapidly evolving industry.