Tikri Investments' Prashant Jain-backed Solar91 Cleantech to launch Rs 106-crore IPO on December 24

Solar91 Cleantech IPO

EPC solar energy solutions provider Solar91 Cleantech, which is backed by Tikri Investments' Prashant Jain and Syrma SGS Technology's Krishna Kumar Pant, is set to open its Rs 106-crore initial share sale for public subscription next week on December 24.

The IPO comprises a solely fresh issue of 54.36 lakh equity shares by the solar plant installation company. The price band for the offer, which closes on December 27, has been fixed at Rs 185-195 per share.

The anchor book, if any, will be open for a day on December 23. The company will finalise the basis of allotment of IPO shares by December 30, while the trading in Solar91 Cleantech will commence on the BSE SME effective January 1.

Promoters own 69.75 percent stake in the company, and the remaining 30.25 percent shares are held by public shareholders including Krishna Kumar Pant (6.77 percent), and Tikri Investments (4.15 percent).

Solar91 Cleantech, founded by four IITians (Saurabh Vyas, Prateek Agrawal, Dhawal Gaurang Vasavada, and Sandeep Gurnani) in Rajasthan in 2015, builds and maintains grid connected and off grid solar power projects. The turnkey EPC contractor has commissioned 191 plants across 13 states of India and 1 plant in Kenya, Africa under the EPC model. It has also commissioned two projects under IPP (independent power producer) Model. In total, it has commissioned plants of 94+ megawatt (MW) capacity across India.

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Currently, Solar91 has an order book of 6.593 MW in six states under the EPC model, while under the IPP model, it is developing close to 157.36 MW of solar power projects in Rajasthan.

The IPO proceeds (excluding offer expenses) will be utilised mainly for investment in subsidiary for development of solar projects as an independent power producer, and working capital requirement for the company. The remainder funds will be used for general corporate purpose.

The merchant banker handling the public issue is Narnolia Financial Services.