Highlights
Upcoming IPO for Solarium Green Energy
Solarium Green Energy, a provider of turnkey solar solutions, plans to initiate its SME initial public offering (IPO) on February 6, 2025. The company aims to garner Rs 105.04 crore, which is roughly equivalent to $12.5 million.
Details of the IPO
The IPO will consist of 5,500,000 shares, each with a face value of Rs 10. The shares are priced between Rs 181 and Rs 191. Investors need to purchase a minimum of 600 equity shares, which means the least investment required is Rs 141,600.
Out of the total share allocation, 46% (which equals 2,605,000 shares) is set aside for Qualified Institutional Buyers (QIBs). High Net-Worth Individuals (HNIs) will acquire 782,400 shares, while market makers will receive 286,800 shares. Retail investors will make up 33.17% of the overall share distribution.
Key Dates and Utilisation of Proceeds
The IPO is scheduled to be open from February 6 until February 10. The company indicates that the net proceeds will be used to fulfil working capital needs and other general corporate purposes.
Company Background
Founded by Ankit Garg, Solarium Green Energy Limited excels in providing turnkey solar solutions. The company offers a variety of services, including design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M).
Project Execution
Since April 2021 until September 2024, Solarium has reportedly completed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, along with 17 government initiatives.
Financial Performance
The company recorded revenues of Rs 177.80 crore and net profits of Rs 15.59 crore for the fiscal year that ended in March 2024. Furthermore, during the first half of FY25, it reported revenues of Rs 81.99 crore and net profits of Rs 7.55 crore.
Growth Without Institutional Funding
Interestingly, Solarium’s success has been achieved without seeking venture or institutional funding.
Market Competition
In the competitive landscape, Solarium faces rivals such as Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy. Notably, it stands out as the first company from the Indian startup sector to initiate an SME IPO in 2025. Last year, firms like Trust Fintech, TAC Security, and Menhood also transitioned to public offerings via the SME route.