The rapidly expanding primary market presents opportunities for Solarium Green Energy Limited to seize. The provider of turnkey solar solutions has submitted its draft red herring prospectus (DRHP) for the purpose of initiating an initial public offering (IPO) to the BSE. On September 11, the business submitted its DRHP for a BSE SME IPO.
Total shares in IPO and BRLM
We do not yet know the size of Solarium Green Energy's initial public offering (IPO). But according to the DRHP, the business intends to issue up to 55 lakh equity shares during the public offering.
Link Intime India Private Limited is the issue registrar, and Beeline Capital Advisors Private Limited is the book-running lead manager for Solarium Green Energy.
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Business offerings
The business offers integrated solar solutions. For solar projects, it provides services including design, engineering, procurement and supply, building and erection, testing, commissioning, related transmission systems, and thorough operation and maintenance (O&M).
This Ahmedabad-based company installs solar power systems on ground level as well as on rooftops for homes, businesses, and industries (C&I).
Promotors group
Along with other solar products, the company offers photovoltaic (PV) modules, PV inverters, availability-based tariff metres (ABT), and other components for solar power generation. The company's promoters are Pankaj Vallabhbhai Gothi and Ankit Garg.
Completed order and orders in pipeline
As stated in its DRHP, up until FY24, the company will have completed 8,506 rooftop residential projects, 152 commercial and industrial (C&I) projects, and eight government projects. The company's 41 ongoing projects were valued at Rs 165.3 crore as of September 11, while its new tenders were valued at Rs 252.86 crore.
Company financials
Compared to Rs 98.78 crore in FY23, the company's operating revenue for FY24 increased by nearly 80 per cent to Rs 177.39 crore. Compared to the Rs 1.73 crore in the fiscal year that ended on March 31, 2023, Solarium Green Energy's profit-after-tax increased by over 800 per cent to Rs 15.58 crore for the fiscal year that ended on March 31, 2024.
Utilisation of IPO proceeds
The company intends to use the funds raised through the public offering to pay for working capital needs as well as other general corporate purposes, as stated in the DRHP.
