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Solarium Green Energy Receives BSE Approval for Initial Public Offering (IPO)

Solarium Green Energy, a prominent solar turnkey solutions provider based in Ahmedabad, has secured in-principle approval from the BSE SME to launch its Initial Public Offering (IPO). The IPO will consist of a fresh issue of 5.5 million equity shares, each with a face value of Rs10.

The company filed its Draft Red Herring Prospectus (DRHP) in September 2024, outlining its requirement for Rs169 Cr to meet its working capital needs. Solarium plans to raise Rs65 Cr to be financed through internal sources. The issue's Book Running Lead Manager is Beeline Capital Advisors.

In its DRHP , Solarium Green Energy revealed its successful completion of 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects over the last three financial years. The company is currently managing 41 ongoing projects, valued at Rs165 Cr.

Along with providing turnkey solar solutions, Solarium also manufactures and supplies solar products, including solar modules, inverters, and availability-based tariff meters. For the fiscal year ending March 31, 2024, Solarium reported revenues of Rs178 and a profit after tax of Rs15.589 Cr.

Solarium Green Energy's listing marks a significant step for the company as it continues to expand its footprint in India's growing renewable energy sector, with solar power playing a central role in the nation's energy transition.