Solarium Green Energy files draft papers with BSE to launch SME IPO; check details

Solarium Green Energy Limited is set to tap the opportunities in the booming primary market. The turnkey solar solutions provider has filed its draft red herring prospectus (DRHP) with the BSE to launch its initial public offering (IPO). The company filed its DRHP on September 11 for a BSE SME IPO.

The size of Solarium Green Energy's IPO offer is not known yet. However, as per the DRHP, the company plans to issue up to 55 lakh equity shares in the public offer.

The book-running lead manager for Solarium Green Energy is Beeline Capital Advisors Private Limited, and the registrar for the issue is Link Intime India Private Limited.

The company is an integrated solar solutions provider. It offers services such as design, engineering, procurement and supply, construction and erection, testing, commissioning, associated transmission systems, and comprehensive operation and maintenance (O&M) for solar projects.

The Ahmedabad-based firm undertakes solar power projects, such as residential rooftop projects, Commercial and Industrial (C&I) rooftop projects, and ground-mounted projects. The company also sells solar power generation components, such as photovoltaic (PV) modules, PV inverters, availability-based Tariff meters (ABT), and other solar products. Ankit Garg and Pankaj Vallabhbhai Gothi are the company's promoters.

The company mentioned in its DRHP that it has completed 8,506 residential rooftop projects, 152 Commercial and Industrial (C&I) projects, and eight government projects until FY24. As of September 11, the company had 41 ongoing projects with a total consideration of ₹165.3 crore and new tenders amounting to ₹252.86 crore.

The company’s revenue from operations for FY24 increased nearly 80% to ₹177.39 crore compared to ₹98.78 crore in FY23. Solarium Green Energy’s profit-after-tax for the fiscal ended March 31, 2024 grew by more than 800% to ₹15.58 crore compared to ₹1.73 crore in the fiscal ended March 31, 2023.

According to the company's DRHP, the company plans to use the money raised via the public issue to meet working capital requirements and for other general corporate purposes.