Solarworld Energy Solutions Files for ₹600-Cr IPO: Boost for Solar Energy with Kartik Solarworld Expansion

Solarworld Energy Solutions, a company that specializes in solar energy solutions, has filed initial documents with the Securities and Exchange Board of India (SEBI) to raise ₹600 crore through an Initial Public Offering (IPO).

The IPO will include two parts: the company plans to issue new equity shares worth ₹550 crore, and the promoter, Pioneer Facor IT Infradevelopers, will sell shares worth ₹50 crore. This information comes from the draft red herring prospectus (DRHP) filed on Sunday.

Out of the funds raised from the new share issuance, ₹420 crore will be invested in the company’s subsidiary, Kartik Solarworld. This investment will help finance part of the construction of a 1.2 gigawatt (GW) Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh. The remaining funds will be used for general corporate purposes.

Solarworld Energy Solutions specializes in engineering, procurement, and construction services for solar power projects. As of August 31, 2024, the company has completed projects with a total capacity of 253.67 megawatts (MW) AC/336.17 MW DC. They also have ongoing projects with a combined capacity of 420 MW AC/592 MW DC.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are serving as the lead managers for the IPO.