Solar91 Cleantech Limited is coming up with an IPO with a fresh issue of 54,36,000 shares. The company aims to invest in solar projects, meet working capital needs, and fund corporate purposes.
Solar91 Cleantech IPO – Important Dates
| Solar91 Cleantech Limited IPO Date | December 24, 2024 to December 27, 2024 |
| Solar91 Cleantech Limited IPO Listing Date | January 1, 2025 |
| Solar91 Cleantech Limited IPO Price | Yet to be announced |
| Solar91 Cleantech Limited IPO Lot Size | Yet to be announced |
| Solar91 Cleantech Limited IPO Total Issue Size | Yet to be announced |
| Solar91 Cleantech Limited IPO Basis of Allotment | December 30, 2024 |
| Solar91 Cleantech Limited IPO Initiation of Refunds | December 31, 2024 |
| Solar91 Cleantech Limited IPO Credit of Shares to Demat | December 31, 2024 |
| Solar91 Cleantech Limited IPO Issue Type | Book Built Issue IPO |
| Solar91 Cleantech Limited IPO Listing At | BSE SME |
Solar91 Cleantech Limited IPO – Company Profile
Solar91 Cleantech Limited, established in 2015 by IIT alumni, provides EPC solar energy solutions for commercial and industrial clients. It builds, operates, and maintains grid-connected and off-grid solar projects to promote renewable energy.
Transitioning to the IPP model, Solar91 Cleantech Limited creates SPVs to develop, own, and operate solar projects. It generates revenue by selling electricity through Power Purchase Agreements with distribution companies.
Focused on distributed renewable energy, Solar91 Cleantech Limited has commissioned 94+ MW solar projects, diversified into IPP projects, and developed agriculture feeder solar plants under the PM Kusum scheme, leveraging government support for efficient execution.
Solar91 Cleantech Ltd IPO Fundamental Analysis
Solar91 Cleantech Limited’s financial analysis reveals a mixed performance. Revenue declined initially but later recovered. With reduced debt, profitability, EPS, and assets improved, though challenges remain in RoNW, inventory efficiency, and liquidity management.
- Revenue Trend: The revenue decreased from ₹4,157.02 lakhs in March 2022 to ₹3,758.13 lakhs in March 2023. The revenue for the current year’s 6-month period ending September 2024 is INR 5,024.73 lakhs.
- Equity and Liabilities: Both equities and liabilities have shown a consistent increase over the periods, reflecting potential growth and expansion. However, the debt-equity ratio has decreased, indicating reduced reliance on debt financing.
- Profitability: The profit after tax (PAT) has significantly increased from ₹32.34 lakhs in March 2022 to ₹400.01 lakhs by September 2024. This improvement in profitability could be a source of confidence among investors.
- Earnings per Share (EPS): The diluted EPS has risen from ₹0.46 in March 2022 to ₹2.83 by September 2024, reflecting higher earnings per share for investors.
- Return on Net Worth (RoNW): The RoNW has reduced from 24.77% to 14.07%, indicating a decrease in the company’s ability to generate returns on shareholder equity.
- Financial Position: Total assets have increased, suggesting potential business growth. However, the current ratio has increased, indicating strengthening liquidity and potential challenges in meeting short-term obligations.
- Inventory Turnover Ratio: There’s a significant decrease in the Inventory Turnover Ratio, which might suggest slower sales or inefficient inventory management.
Solar91 Cleantech IPO Financial Analysis
| Particular | As of 31 March 2022 | As of 31 March 2023 | As of 30 September 2024 |
| Revenue (₹ in lakhs) | 4,157.02 | 3,758.13 | 5,024.73 |
| Equity (₹ in lakhs) | 130.56 | 235.69 | 2,843.35 |
| Expenses (₹ in lakhs) | 4,156.97 | 3,739.96 | 4,527.46 |
| Profit and Loss After Tax (₹ in lakhs) | 32.34 | 20.33 | 400.01 |
| Diluted EPS only (₹) | 0.46 | 0.20 | 2.83 |
| Return on Net Worth (%) | 24.77 | 8.62 | 14.07 |
| NAV per Equity Share (₹) | 1,024.17 | 1,523.20 | 18.86 |
| Total Assets (in lakhs) | 953.85 | 1,299.41 | 5,247.35 |
| Total Liabilities (in lakhs) | 823.29 | 1,063.71 | 2,404 |
| Debt Equity Ratio | 1.73 | 3.29 | 0.42 |
| Current Ratio (in times) | 1.38 | 2.98 | 2.20 |
| Inventory Turnover Ratio | 6.62 | 6.06 | 3.79 |
Solar91 Cleantech Limited IPO Peer Comparison
Solar91 Cleantech Limited focuses on EPC solar solutions and has experienced notable growth. Oriana Power Limited shows substantial revenue and profitability, while Waaree Renewable Technologies Limited excels in performance and profitability within the renewable sector.
| Company | PAT (₹ in lakhs) | Face Value per Equity Share (₹) | P/E Ratio | EPS (Basic & Diluted) (₹) | RoNW (%) | NAV (Rs. per share) |
| Solar91 Cleantech Limited | 233.45 | 10 | – | 2.17 | 49.51 | 3,047.22 |
| Oriana Power Limited | 5,513.27 | 10 | 65.10 | 33.93 | 36.47 | 7.88 |
| Waaree Renewable Technologies Limited | 14,893.57 | 2 | 95.30 | 14.30 | 57.43 | 12.45 |
Solar91 Cleantech Ltd IPO Objective
The main objective of Solar91 Cleantech Limited is to invest in solar projects as an Independent Power Producer (IPP) and meet the company’s working capital requirements.
- Investment in Subsidiary Companies: The company intends to utilise INR 60 crores for investment in subsidiary companies, setting up solar power projects under the IPP model, with secured bids for 157MWac capacity under the PM Kusum scheme.
- Working Capital Requirements: The company plans to use INR 20 crores to fund its working capital requirements, which will support business growth, strategic opportunities, and corporate purposes, aiming to boost revenues and profitability.
- General Corporate Purpose: The company will deploy funds for general corporate purposes, including strategic initiatives, strengthening marketing networks and capabilities, meeting exigencies, and brand-building exercises to enhance operations and business growth.
Solar91 Cleantech IPO Risks And Challenges
Solar91 Cleantech Limited’s risks include the promoters’ limited experience managing a listed company, challenges securing financing for capital-intensive solar projects, and weather-related risks affecting efficiency, project timelines, and costs.
- The company’s promoters are first-generation entrepreneurs with significant experience in the solar industry. However, their limited experience managing a listed company could challenge future growth and success.
- Solar projects require substantial upfront investment, resulting in long payback periods. Securing financing is challenging, especially in volatile markets, with fluctuating interest rates, higher collateral demands, and stricter terms from lenders.
- Solar power generation depends on favourable weather conditions, while bad weather affects efficiency, delays project timelines, and increases costs. Managing weather-related risks is essential for maintaining stable operations, revenue, and overall performance.
Solar91 Cleantech Ltd IPO – Industry & Market Potential
The global renewable energy market, valued at USD 899.24 billion in 2022, is expected to grow significantly, reaching USD 1,050.31 billion in 2023 and USD 3,637.99 billion by 2031, driven by a compound annual growth rate (CAGR) of 16.80%.
The solar EPC market, valued at $216.74 billion in 2023, is expected to grow to $231.43 billion in 2024, driven by government incentives, lower solar technology costs, sustainability trends, and increasing energy demand.
The solar EPC market is projected to reach $287.97 billion by 2028, driven by decentralised energy systems, floating solar projects, government renewable energy commitments, technological innovations, and sustainability trends, with a CAGR of 5.6%.
Solar91 Cleantech Limited IPO – Type of Offer
Solar91 Cleantech Limited is coming up with an IPO with a fresh issue of 54,36,000 shares. The company aims to invest in solar projects, meet working capital needs, and fund corporate purposes.
Solar91 Cleantech IPO Offer Size
The offer size of Solar91 Cleantech Limited is yet to be announced, consisting of a fresh issue of 54,36,000 shares. The company aims to invest in solar projects, meet working capital needs, and fund corporate purposes.
Solar91 Cleantech Limited IPO Allotment Structure
Solar91 Cleantech Limited’s allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Individual Investors (RII) according to SEBI regulations. 3,04,800 shares are reserved for market makers.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 15% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs.2 lakhs.
● Retail Individual Investors (RII): The remaining 35% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs.2 lakhs.
● Market Maker Reservation: A portion of shares, i.e. 3,04,800 shares, are reserved for market makers.
How to apply for Solar91 Cleantech IPO?
To apply for the Solar91 Cleantech Limited IPO through Alice Blue, follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the Solar91 Cleantech Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the Solar91 Cleantech Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
How do you check Solar91 Cleantech IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the Solar91 Cleantech Limited IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Solar91 Cleantech Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, we request you to reach out to our customer support team at Alice Blue for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the Solar91 Cleantech Limited IPO:
● Registrar’s Website: Visit the website of Maashilta Securities Private Limited, the registrar of the Solar91 Cleantech Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● BSE SME: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) Small Medium Exchange (SME). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
Solar91 Cleantech Ltd IPO Offer Registrar
The registrar for the Solar91 Cleantech Limited IPO is Maashilta Securities Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
MAASHITLA SECURITIES PRIVATE LIMITED
Address: 451, Krishna Apra Business Square,
Netaji Subhash Place, Pitampura,
Delhi – 110034, India
Telephone: 011-45121795
Email: [email protected]
Website: www.maashitla.com
Solar91 Cleantech IPO – FAQs
1. What is the allotment date of the Solar91 Cleantech IPO?
The allotment date of the Solar91 Cleantech is December 30, 2024.
2. What is the price band of the Solar91 Cleantech IPO?
The price band of the issue is yet to be announced.
3. What is the size of the Solar91 Cleantech IPO?
The offer size of Solar91 Cleantech Limited is yet to be announced, consisting of a fresh issue of 54,36,000 shares. The company aims to invest in solar projects, meet working capital needs, and fund corporate purposes.
4. What is the listing date of the Solar91 Cleantech IPO?
The listing date of the Solar91 Cleantech is January 1, 2025.
5. Where is the Solar91 Cleantech IPO Getting Listed?
Solar91 Cleantech is getting listed on the Bombay Stock Exchange (BSE) and Small Medium Exchange (NSE).
6. What are the open and close dates of the Solar91 Cleantech Limited IPO?
The open and close dates of Solar91 Cleantech Limited are December 24, 2024 and December 27, 2024.
7. How to apply for Solar91 Cleantech Ltd IPO in Alice Blue?
To apply for the Solar91 Cleantech Limited IPO through Alice Blue, open a Demat and trading account, place your bid, submit the application, and check the allotment status post-process. Allotment depends on demand.
8. Who is the Book Runner for the Solar91 Cleantech IPO?
The Book Runner for the Solar91 Cleantech is NARNOLIA FINANCIAL SERVICES LIMITED.
