Solar solutions provider Solarium Green Energy on Wednesday said it has received approval from the Bombay Stock Exchange (BSE) for its draft red herring prospectus (DRHP), marking the company’s next step towards listing on the Indian public market.
The company filed its DRHP in September and intends to issue 55 lakh equity shares, each with a face value of Rs 10.
Founded in 2018 by Ankit Garg, Solarium has been bootstrapped since its inception and has yet to raise any equity funding. The company provides services including design, engineering, and operations and maintenance (O&M) in solar solutions.
For the financial year ending March 31, 2024, Solarium reported revenue of Rs 177.80 crore, compared to revenue of Rs 98.92 crore in the previous year.
Additionally, the company has reported a profit after tax (PAT) of Rs 15.59 crore for the period which is expected to grow in 2023 to Rs. 1.74 crores.
According to the DRHP, the company intends to use the proceeds from the IPO for general corporate purposes and to meet its working capital requirements.
As of August this year, the company was handling 41 ongoing projects worth Rs 165.29 crore and as of September, new tenders under bidding totaled Rs 252.86 crore.
Beeline Capital Advisors Pvt Ltd has been appointed as the book running lead manager of the IPO while Link Intime India Pvt Ltd will act as the registrar of the issue.
The listing comes amid a flurry of listings of solar companies on Indian public shares this year, as government schemes and international expansion have helped boost activity in the sector. Recently, solar module maker Waaree Energies listed on the Indian Stock Exchange.
Further, more solar IPOs are in the pipeline with Vikram Solar filing draft documents worth Rs 1,500 crore with SolarWorld Energy and Satvik Green Energy.