Solar91 Cleantech Limited, based in Jaipur, is a leading player in the solar industry, offering end-to-end solutions for solar power projects. With a mission to drive sustainability through innovation, Solar91 Cleantech specializes in Engineering, Procurement, and Construction (EPC) services for residential, industrial, and commercial solar installations. From design to deployment, the company is committed to delivering high-quality solar solutions worldwide, contributing to a brighter and more sustainable future.

The company is now preparing for its Book Built Issue IPO with a total size of ₹106.00 Crores. The IPO consists of a Fresh Issue of 54.36 Lakh shares. The Share Price Band has been set at ₹185 to ₹195 per equity share, making it an accessible investment opportunity for retail investors.

At the upper end of the price band (₹195 per share), the market capitalization of Solar91 Cleantech Limited will be ₹400.01 Crores. The IPO offers a lot size of 600 shares, and retail investors are required to make a minimum investment of ₹1,17,000. High-Net-Worth Individuals (HNIs) will need to invest in 2 lots (1,200 shares), amounting to ₹2,34,000.

The subscription period for the IPO has not yet been announced, but it is expected to generate significant interest due to the company’s growing market presence and the increasing demand for renewable energy solutions.

IPO Subscription and Allotment Status

Solar91 Cleantech has not yet finalized its IPO dates, and thus, the subscription period and live subscription status are still awaited. However, the allotment date is expected to be 30 December 2024, which will allow investors to check the status of their applications online.

To check the allotment status, investors can follow these steps:

1. Visit the official IPO allotment status page.
2. Select Solar91 Cleantech Limited IPO from the dropdown list of IPOs.
3. Enter the application number, PAN, or DP Client ID.
4. Submit the details to check the allotment status.

IPO Objectives and Utilization of Funds

The primary objectives of the Solar91 Cleantech IPO are focused on the expansion and development of the company. The proceeds will be utilized for the following purposes:

1. Investment in Subsidiaries: ₹60 Crores will be allocated to the development of solar projects as an Independent Power Producer (IPP).
2. Working Capital: ₹20 Crores will be used to support the company’s working capital requirements.
3. General Corporate Purposes: The remaining funds will be allocated to general corporate purposes.

Solar91 Cleantech Financial Performance

The financial performance of Solar91 Cleantech indicates strong growth, with revenues from operations of ₹5,255.92 Lakh for the period ended September 30, 2024. The EBITDA for the same period stood at ₹647.58 Lakh, while the Profit After Tax (PAT) was ₹425.42 Lakh. These figures indicate a steady growth trajectory.

Key performance indicators for the company show 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, while the post-issue P/E ratio is 153.52x, against an industry P/E ratio of 80x. Despite the higher P/E ratio post-issue, the company’s ROE for FY24 is strong at 52.52%, reflecting a solid return on equity.

Grey Market Premium (GMP) and Listing Expectations

The Grey Market Premium (GMP) for Solar91 Cleantech IPO is showing potential listing gains of 25.64%, based on the company’s financials. As of the last update, the IPO price is ₹195, and the expected listing price could reach ₹245.

It’s important to note that GMP is an informal market indicator based on unregulated trades. It does not provide any definitive price discovery, and investing based on GMP can be risky. It is mentioned purely for informational purposes.

Conclusion and Recommendation

Given the strong growth potential of the solar industry, combined with Solar91 Cleantech’s solid financials and business model, this IPO presents an attractive opportunity for risk-taking investors looking for listing gains. However, considering the high post-issue P/E ratio, this IPO is best suited for investors who can handle short-term volatility and are willing to wait for long-term benefits in the renewable energy space.

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

The Current active IPO is Citichem India and Anya Polytech.

For more details on upcoming IPOs, you can visit our page at  and stay updated with the latest news on IPO updates on . Join our  for regular Stock Market Trading and Investment Calls by  - SEBI Registered Research Analyst &  for Regular Share Market, News & IPO Updates. Start your Stock Market Journey and Apply in IPO by opening a Free Demat Account in .Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance SaathiTop News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance SaathiTrading with CA Abhay Telegram ChannelCA Abhay VarnFinance Saathi Telegram ChannelChoice Broking FinX.