Solar91 Cleantech, an solar energy solutions provider, has filed its preliminary papers with the BSE SME platform for its proposed initial public offering (IPO).
The IPO is entirely a fresh issue of 54.36 lakh shares at a face value of Rs 10 each, worth about Rs 100 crore through the book building route, the company said in a statement.
Proceeds from the fresh issue will be used by the company towards development of projects as an independent power producer (IPP). Besides, a part will also be used to meet the working capital requirements of the company and general corporate purposes.
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The Jaipur-headquartered Solar91 was founded in 2015 by four IIT alumni -- Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada.
The company provides turnkey engineering, procurement, and construction (EPC) services to commercial and industrial customers across India. It has worked in 13 states having commissioned close to 80 megawatt (MW) in distributed solar projects.
Recently, Solar91 has emerged as the lowest bidder in IPP projects in Karnataka. The firm is also in the process of developing solar parks for captive open access consumers in Rajasthan and Karnataka.
It has an order book of more than 155 MW as an IPP under the PM Kusum scheme.
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Solar91 has received institutional debt support from the Netherlands-based Energy Access Relief Fund, which supports clean energy organisations in APAC & Africa.
The company is backed by marquee investors such as Krishna Pant (founder, SGS Tekniks), Prashant Jain, Lalit Dua (Rajasthan Global Securities), Manoj Agrawal, and Anirudh Arun, co-founder of EV ride-hailing service Blu Smart.
The company has appointed Narnolia Financial Services Ltd as the book-running lead manager and Maashitla Securities as the registrar to the issue. The company's shares will be listed on the BSE's SME platform.
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