Solar91 Cleantech Limited, based in Jaipur, is committed to harnessing the power of the sun for a brighter and sustainable future. The company specializes in configured solar solutions, offering a full-cycle Engineering, Procurement, and Construction (EPC) service model to residential, industrial, and commercial establishments worldwide. With its innovative approach and solid track record, Solar91 Cleantech plays a pivotal role in the growing solar energy sector.

The company is launching an IPO with an offering amounting to ₹106.00 Crores, which includes a fresh issue of 54.36 Lakh shares. The share price band for the Solar91 Cleantech IPO is set between ₹185 to ₹195 per equity share. At the upper price band, the company’s market capitalization will reach ₹400.01 Crores. The lot size for the IPO is 600 shares, with a minimum investment of ₹1,17,000 for retail investors. High-Net-Worth Individuals (HNIs) are required to apply for at least 2 lots (1,200 shares), which amounts to ₹2,34,000.

The book-running lead manager for the Solar91 Cleantech IPO is Narnolia Financial Services Limited, while the registrar for the issue is Maashitla Securities Private Limited. Being Prabhat Financial Services Limited acts as the Market Maker for the IPO.

The Grey Market Premium (GMP) for the IPO stands at ₹50, which indicates a potential listing gain of 25.64% based on market sentiment and financial performance. However, as the Grey Market Premium is not a reliable indicator of the actual listing price, investors are advised to make investment decisions based on thorough research and careful evaluation of the company’s fundamentals.

While the subscription period and allotment details have not been announced yet, the allotment date for the Solar91 Cleantech IPO is scheduled for December 30, 2024. Investors can check the allotment status by visiting the registrar’s website and entering the required details like application number, PAN, or DP Client ID.

Solar91 Cleantech’s financial performance has shown steady growth. For the period ending September 30, 2024, the company reported revenues of ₹5,255.92 Lakh and EBITDA of ₹647.58 Lakh, up from ₹411.46 Lakh in the previous fiscal year. The Profit After Tax (PAT) for the same period was ₹425.42 Lakh, indicating strong profitability. This upward trend in financials reflects the company’s increasing market presence and operational efficiency.

The company’s Key Performance Indicators (KPIs) reveal a pre-issue EPS of ₹2.4 and a post-issue EPS of ₹1.27 for FY24. The pre-issue P/E ratio stands at 81.25x, and the post-issue P/E ratio is 153.52x, which is higher than the industry P/E ratio of 80x, suggesting that the IPO is fully priced based on the company’s growth and market expectations.

Looking at the company’s Return on Capital Employed (ROCE) and Return on Equity (ROE) for FY24, ROCE is 37.29%, and ROE is 52.52%, highlighting strong returns on invested capital and equity. The Return on Net Worth (RoNW) for FY24 is 49.51%, further supporting the company’s strong financial position.

The objectives of the Solar91 Cleantech IPO are to utilize the funds raised for investment in solar projects as an Independent Power Producer (IPP), meet working capital requirements, and cover general corporate expenses. With a focus on the development of solar energy projects, the company aims to expand its footprint in the clean energy space and drive sustainable growth.

The Solar91 Cleantech IPO offers an attractive opportunity for investors seeking exposure to the growing solar energy sector. Despite the higher P/E ratio, the company’s strong financials, GMP, and sustainable business model make it a viable option for those with a higher risk appetite. Investors seeking listing gains should consider applying to the Solar91 Cleantech IPO once the subscription period opens.

The Upcoming IPOs in this week and coming weeks are Citichem India, Indo Farm, Technichem Organics, Leo Dry Fruits, Solar91 Cleantech, Rosmerta Digital and Avanse Financial.

The Current active IPO is Anya Polytech and Unimech Aerospace.

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