Solarium Green Energy, one of the most recognized players in the solar solutions market, is getting ready to launch its SME initial public offering (IPO) on 6 February 2025. The company would be raising about ₹105.04 crore (about $12.5 million) in this offering. It is an important step for the company as it would continue on its growth trajectory.

solarium green energy

PC: AmbitionBox

IPO Details

It will issue 5,500,000 shares priced in the range of ₹181 to ₹191 per share, with a face value of ₹10 each. To participate, the investor has to buy the minimum lot size of 600 equity shares, meaning the total amount invested would be ₹1,41,600. The offering is open until February 10, 2025.

As for allocation, 46% of all shares, approximately 2,605,000 shares, will go to the Qualified Institutional Buyers (QIBs). High Net-Worth Individuals will be entitled to 782,400 shares, and market makers get 286,800 shares. The total share issue for retail investors will be 33.17%, thus making it a company that is expected to tap a large number of investors.

Use of Proceeds

The proceeds from the IPO are intended to be used primarily for meeting working capital requirements and addressing general corporate purposes. This strategic move is expected to bolster Solarium’s operational capabilities and support its ambitious growth plans.

Company Profile and Achievements

Turnkey solar solutions are specifically offered by a company called Solarium Green Energy, a firm founded by Ankit Garg. The entire range of solar project services involves design, engineering, procurement, testing, installation, commissioning, and long-term operation and maintenance (O&M).

From the date of its emergence, Solarium has significantly marked its venture in the solar industry, completing 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects between April 2021 to September 2024. This fantastic performance hints at the company’s lead in the market and its dedication to establishing renewable energy solutions across India.

Performance Summary

For the fiscal year ending March 2024, Solarium registered revenues of ₹177.80 crore and net profits of ₹15.59 crore. For H1FY25, the company has recorded revenues of ₹81.99 crore and net profits of ₹7.55 crore. A notable aspect is that the company has achieved this growth curve without any venture capital or institutional funding, thereby buttressing its effective operations and demand within the marketplace for services offered by Solarium.

Solarium Green Energy operates in a competitive landscape that includes companies like Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy. By launching its IPO, Solarium will be able to strengthen its market position and enhance its capabilities to compete effectively in the rapidly growing solar energy sector.

The IPO is a significant milestone for Solarium Green Energy as it looks to capitalize on the growing demand for renewable energy solutions in India. With a robust business model, proven track record, and clear strategic objectives, Solarium is well-positioned to attract significant interest from investors looking to support the transition to sustainable energy. The SME IPO also highlights the major accomplishment of the company but in line with a more general pattern where investment in green technologies has seen an upsurge in India.