Solarium Green Energy Limited's IPO listed at ₹202 per share on the BSE SME platform, delivering a 5.76% premium over its issue price of ₹191. The listing came after the IPO saw strong investor demand, with a subscription of 8.83 times during its bidding period from February 6 to 10, 2025.

IPO Subscription and Financials

The Solarium Green Energy IPO consisted of a fresh issue of 54.99 lakh shares, raising ₹105.04 crore. The IPO price band was set at ₹181-191 per share, with the issue price finalized at the upper band of ₹191.

The IPO's subscription breakdown was:

• Retail investors: 7.26 times
• Non-Institutional Investors (NIIs): 9.48 times
• Qualified Institutional Buyers (QIBs): 7.85 times

Anchor investors contributed ₹29.85 crore, acquiring 15.63 lakh shares at ₹191 per share. The market capitalization post-listing stood at ₹398.22 crore.

Company Overview & Financial Performance

Solarium Green Energy specializes in Turnkey Solar Solutions, including design, engineering, procurement, construction, and maintenance of solar power projects across residential, commercial, industrial, and government sectors.

The company's financial performance has shown growth over the years:

• Revenue: ₹17,780.83 lakh in FY24 (vs. ₹9,892.50 lakh in FY23)
• EBITDA: ₹2,454.06 lakh in FY24 (vs. ₹610.60 lakh in FY23)
• Profit after Tax (PAT): ₹1,558.70 lakh in FY24 (vs. ₹173.86 lakh in FY23)

The pre-issue EPS was ₹10.39, while the post-issue EPS settled at ₹7.48. The stock’s post-issue P/E ratio of 25.55x was considered slightly high compared to the industry P/E of 35x.

Grey Market Premium (GMP) & Market Sentiment

The Solarium Green Energy IPO GMP before listing was ₹27, suggesting an expected listing price of around ₹218. However, the stock debuted lower than expected at ₹202, reflecting muted demand on listing day.

IPO Objectives & Fund Utilization

The company plans to utilize IPO proceeds as follows:

• ₹71 crore for working capital requirements
• Remaining funds for general corporate purposes

Should You Invest in Solarium Green Energy IPO?

Despite strong subscription numbers, Solarium Green Energy's debut failed to meet the expected listing gains. Given the company's financial performance and valuation, investors should evaluate long-term prospects before making additional investments.

The Upcoming IPOs in this week and coming weeks are Quality Power Electrical Equipments, L.K. Mehta, Shanmuga Hospital.

The Current active IPO are PS Raj Steels, Voler Car, Maxvolt Energy, Hexaware Technologies, Ajax Engineering, Chandan Healthcare.

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