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Solar Firm Natrinai Green Energy Files Draft Papers for Rs43.6 Million IPO

Coimbatore-based solar solutions company, Natrinai Green Energy, has filed its draft red herring prospectus (DRHP) with the BSE to raise RS43.6 million through an initial public offering (IPO). The company plans to issue 4.36 million equity shares with a face value of Rs10 per share.

The IPO comprises a fresh issue of 4.14 million shares totaling RS41.4 million and an offer for sale of 220,200 shares aggregating Rs2.2 million. Natrinai intends to use a portion of the funds, approximately RS324.84 million , to set up a 7 MW grid-connected solar project in Poomalaikundu and Veppampatti villages, Tamil Nadu. Additionally, 680.02 million will support incremental working capital requirements.

The IPO will be listed on BSE’s SME platform, with Kreo Capital as the book running manager and Cameo Corporate Services acting as the registrar.

Natrinai Green Energy provides engineering, procurement, and construction (EPC) services, develops and owns solar projects, and offers operation and maintenance services. The company has installed over 150 MW of solar capacity, operates three pooling substations, and currently has an ongoing capacity exceeding 180 MW.

The company’s IPO follows a wave of clean energy public offerings in India this year, including Emmvee Photovoltaic Power’s 30 billion IPO and Prozeal Green Energy’s 7 billion issue, highlighting robust investor interest in India’s renewable energy sector.