Solar91 Cleantech, a Jaipur-based solar EPC service provider, has filed its draft red herring prospectus (DRHP) with the Bombay Stock Exchange (BSE) to launch an initial public offering (IPO) on the SME platform. The IPO will feature a fresh issue of 54.36 lakh shares at a face value of Rs 10 each, totalling approximately Rs 100 crore. Narnolia Financial Services has been appointed as the lead manager for the issue, while Maashitla Securities will serve as the registrar.
Founded in 2015 by a group of IIT graduates, Solar91 Cleantech is dedicated to advancing India's clean energy sector. The company offers turnkey EPC (Engineering, Procurement, and Construction) services to commercial and industrial clients across the country. With a current order book exceeding 155 MW under the PM Kusum Scheme (C2 - Feeder Level Solarisation), Solar91 Cleantech has successfully commissioned nearly 80 MW of distributed solar projects across 13 states in India.
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The proceeds from the IPO will be utilised to develop projects as an Independent Power Producer (IPP), meet working capital requirements for its EPC operations, and cover general corporate expenses. Recently, Solar91 Cleantech emerged as the lowest bidder in IPP projects in Karnataka, further solidifying its position in the industry.
In addition to its current projects, Solar91 Cleantech is also developing Solar Parks for Captive Open Access Consumers in Rajasthan and Karnataka. The company has secured institutional debt support from the Netherlands-based Energy Access Relief Fund, which backs clean energy organisations in the Asia-Pacific and Africa regions.
The company is supported by prominent investors, including Prashant Jain of Tikri Investments, Krishna Pant, founder of SGS Tekniks, and Lalit Dua of Rajasthan Global Securities. Several IIT alums have also invested in Solar91 Cleantech in previous funding rounds, underscoring the company's strong ties to the Indian tech community.
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