Solarworld Energy IPO: Company raises ₹110 crore via pre-IPO placement round, issue to be launched soon; check details

Solarworld Energy Solutions Limited raised ₹110 crore in a pre-IPO placement round. After the pre-IPO placement round, the fresh issue component of the offer size was reduced to ₹440 crore from the proposed ₹550 crore.

Earlier in September, the company filed its draft papers with the Securities Exchange Board of India (SEBI) to raise ₹600 crore through its public offer. Solarworld Energy Solutions IPO consisted of a fresh issuance of equity shares aimed at raising ₹550 crore and an offer-for-sale (OFS) portion, worth ₹50 crore, by the company’s promoter, Pioneer Facor IT Infradevelopers, according to the company’s draft red herring prospectus (DRHP).

On November 21, the company announced that it allotted 31.24 lakh shares to investors at ₹352.05 apiece. The size of the share allotment was estimated to be ₹109.99 crore.

ValueQuest Investment Advisors was the lead investor through its two funds, Valuequest Scale Fund and VQfastercap Fund. Other individual investors also participated in Solarworld Energy Solutions' pre-IPO placement round.

Solarworld Energy Solutions IPO details

The price band and dates for the public issue have not been announced yet. However, the IPO-bound company plans to use the proceeds from the public offer to invest in its subsidiary, Kartik SolarWorld. The funds will be used for part-financing the setting up of a 1.2 GigaWatt Solar PhotoVoltaic TopCon manufacturing facility in Pandhurana, Madhya Pradesh. Additionally, a portion of the proceeds will also be used for general corporate purposes.

The company's promoters include Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, Anita Jain, Pioneer Facor IT Infradevelopers Private Limited, Pioneer Securities Private Limited, and Pioneer Fincap Private Limited.

The issue's registrar is Link Intime India Private Limited. The book-running lead managers for Solarworld Energy Solutions IPO include SBI Capital Markets Limited and Nuvama Wealth Management Limited.

Solarworld Energy Solutions specialises in providing engineering, procurement and construction (EPC) services for solar power projects. The company began its operations in 2013. The company’s clients include public sector undertakings (PSUs), as well as commercial and industrial clients (C&I Clients).