Solar91 Cleantech, a solar energy solutions provider, is launching its Initial Public Offering (IPO) next week.
The IPO will be open for subscription from December 24 to December 27, with a price band set at Rs 185-195 per share.
In the grey market, the stock is currently trading at a premium of Rs 50 per share.
This IPO, part of the BSE SME issue, is valued at Rs 106 crore. The company plans to issue 54.36 lakh equity shares. The anchor book will open for one day on December 23,
and the share allotment will be finalized by December 30. Trading is set to begin on January 1 on the BSE SME platform.
Solar91’s ownership structure consists of 69.75% shares held by promoters and 30.25% by public shareholders, including Krishan Kumar Pant (6.77%)
and Tikri Investments (4.15%). The IPO is managed by Narnolia Financial Services, acting as the merchant banker.
Solar91 Cleantech: Business Overview and Achievements
Founded in 2015 by four IITians—Saurabh Vyas, Prateek Agarwal, Dhaval Gaurang Vasavada, and Sandeep Gurnani—Solar91 Cleantech is headquartered in Rajasthan.
The company specializes in constructing and maintaining both grid-connected and off-grid solar energy projects as a turnkey EPC (Engineering, Procurement, and Construction) contractor.
Solar91 has completed 191 solar plants across 13 states in India and one in Kenya under the EPC model.
It has also developed two Independent Power Producer (IPP) projects, commissioning solar plants with a total capacity exceeding 94 MW.
Currently, the company’s order book includes 6.593 MW of projects across six Indian states under the EPC model and 157.36 MW of solar projects under the IPP model in Rajasthan.
Solar91 is supported by notable investors, including Prashant Jain of Tikri Investments
and Krishan Kumar Pant of Sirma SGS Technology, adding credibility and growth potential to its operations.
