Solarium Green Energy Limited, a company that specialises in providing complete solar solutions, has submitted its Draft Red Herring Prospectus (DRHP) to the BSE SME platform. This move is a step towards launching its initial public offering (IPO), as mentioned in an exchange filing on 12th September.
In this IPO, Solarium Green Energy plans to issue up to 55,00,000 equity shares. The main goals of the IPO are to meet its working capital needs and cover general corporate expenses, as per the DRHP.
For the fiscal year ending 31st March 2024, Solarium reported strong financials. The company recorded revenue of ₹17,780.83 lakhs, an EBITDA of ₹2,377.51 lakhs, and a profit after tax (PAT) of ₹1,558.97 lakhs.
The company was founded by Ankit Garg, an alumnus of IIT Dhanbad, and has become a major player in the solar energy industry. Solarium Green Energy provides a wide range of services, including design, engineering, procurement, testing, installation, commissioning, and operation & maintenance (O&M) for different types of solar projects.
Their projects cover residential rooftop installations, commercial and industrial (C&I) rooftop projects, ground-mounted systems, and government projects. Besides these services, Solarium also manufactures and sells solar products like PV modules, inverters, and Availability Based Tariff (ABT) meters.
A strong project pipeline points to future growth
The company has a solid track record. Between FY22 and FY24, Solarium completed 8,506 residential rooftop projects, 152 C&I projects, and 8 government projects, as mentioned in the filing.
Currently, Solarium has 41 ongoing projects worth ₹16,529.45 lakhs, and new tenders totalling ₹25,286.06 lakhs, reflecting its strong future growth potential.
The company has earned several certifications, including BIS and ISO, showing its commitment to quality and adherence to industry standards.
The filing of the DRHP is a key step for Solarium Green Energy as it prepares to go public. With the renewable energy sector growing rapidly in India, supported by government initiatives and increasing environmental awareness, Solarium’s IPO is expected to generate strong interest from investors.
Analysts will be closely monitoring the company’s progress and its ability to take advantage of the growing solar market in India. A successful IPO could encourage more renewable energy companies to explore public markets to fund their growth.
Before investing, it’s important for investors to review the DRHP to understand the company’s financials, risks, and future prospects.
Details such as the price band, issue dates, and other specifics are expected to be released in the coming weeks, subject to regulatory approval.
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