Mumbai: Solarium Green Energy Limited (SGEL) is coming out with its Initial Public Offering (IPO) priced at Rs 181 to Rs 191 per share – aggregating Rs 105.04 crores – which will open on February 6, 2025 and close on February 10, 2025.
SGEL is a prominent provider of turnkey solar solutions which specializes in extensive range of projects including residential and commercial rooftop systems, ground-mounted installations, solar trees, carports, solar-wind hybrid projects and energy storage solar solutions.
Ankit Garg, Chairman and Managing Director, Solarium Green Energy Limited, told media here recently that the IPO’s net proceeds will be used to meet working capital requirements and for general corporate purposes.
“With India’s growing renewable energy demand and the nation’s ambitious target of achieving 500 GW by 2030, the funds raised through this IPO will enhance our working capital, ensuring seamless project execution and, while scaling our business, is a step forward towards accelerating India’s transition to clean energy and building for a more sustainable future.”
“India is targeting setting up 50 +Solar Cities,+ while both Central and State Governments are providing subsidies for rooftop solar. With high import duty on solar panels, the Government is highlighting ALM-listed solar projects that emphasize ‘Made In India’’ technologies and manufacturing, and though the cost is higher than China imports, it is being brought down in the long run.”
While the Company has, between April 2021 and September 2024, completed 11,195 residential rooftop projects, 172 C&I projects and 17 government projects, it is – as of December 2024 – managing ongoing projects worth Rs 185 crores, out of which around Rs 45 crore Revenue has been booked till September 2024, besides also new tenders under bidding totaling Rs 885 crores.
For the Period ended March 31, 2024, the Company reported Revenue from Operations of Rs 177.80 crores, EBITDA at Rs 23.78 crores, and PAT of Rs 15.59 crores.
In H1 of FY25, the Company reported Revenue of Rs 81.99 crores with EBITDA of Rs 11.59 crores and PAT of Rs 7.55 crores.
Beeline Capital Advisors Private Limited has been appointed as the Book Building Lead Manager to the issue, while Link Intime India Private Limited will serve as the Registrar to the Issue.
