Solarium Green Energy files DRHP at BSE for SME IPO launch. Details here

Upcoming SME IPO: Solarium Green Energy Limited, a company specializing in turnkey solar solutions, has filed its Draft Red Herring Prospectus (DRHP) with the BSE SME platform, setting the stage for its initial public offering (IPO), as per an exchange filing on September 11.

The company plans to issue up to 55,00,000 equity shares in the IPO. The primary objectives of the issue are to meet working capital requirements and address general corporate purposes, according to the DRHP filing.

Solarium Green Energy reported impressive financial figures for the fiscal year ended March 31, 2024. The company's revenue stood at ₹17,780.83 lakhs, with an EBITDA of ₹2,377.51 lakhs and a profit after tax (PAT) of ₹1,558.97 lakhs.

Founded by IIT Dhanbad alumnus Ankit Garg, Solarium Green Energy has established itself as a key player in the solar energy sector. The company offers a comprehensive range of services, including design, engineering, procurement, testing, installation, commissioning, and operation & maintenance (O&M) for various solar projects.

The firm's portfolio spans residential rooftop installations, commercial and industrial (C&I) rooftop projects, ground-mounted systems, and government projects. In addition to its turnkey solutions, Solarium also manufactures and supplies solar products such as PV modules, inverters, and Availability Based Tariff (ABT) meters.

Company's robust project pipeline indicates future growth

The company highlighted its recent track record.

“From FY22 to FY24, Solarium Green Energy Limited has completed 8,506 residential rooftop projects, 152 C&I projects, and 8 government projects,” it said in an exchange filing.

The company's current project pipeline is robust, with 41 ongoing projects valued at ₹16,529.45 lakhs and new tenders amounting to ₹25,286.06 lakhs.

Solarium's commitment to quality is evident in its various accreditations, including BIS and ISO certifications. These credentials underscore the company's adherence to industry standards and best practices.

The filing of the DRHP marks a crucial milestone in Solarium Green Energy's journey towards becoming a publicly traded company. As the renewable energy sector continues to grow in India, driven by government initiatives and increasing environmental awareness, Solarium's IPO is likely to attract significant investor interest.

Market analysts will be closely watching the company's growth trajectory and its ability to capitalize on the expanding solar energy market in India. The success of this IPO could potentially pave the way for more renewable energy companies to access public markets to fund their expansion plans.

Investors and industry observers are advised to review the DRHP for detailed information about the company's financials, risk factors, and future prospects before making any investment decisions.

As the IPO process unfolds, further details regarding the price band, issue dates, and other particulars are expected to be announced in the coming weeks, subject to regulatory approvals.

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