Solar91, founded by 4 IITians, files for IPO
Sep 02, 2024
PNN
Mumbai (Maharashtra) [India], September 2: Turnkey Solar Energy Solutions provider, Solar91 Cleantech Limited has filed its Draft Red Herring Prospectus (DRHP) with BSE's SME platform for its proposed Initial Public Offering (IPO). The public issue will consist of a fresh issue of 54.36 lakh shares at a face value of Rs 10 each, worth approximately Rs 100 crore through the book building route. Solar91 has appointed Narnolia Financial Services Limited as the Lead Manager to the Issue and Maashitla Securities Private Limited as the Registrar to the Issue.
Solar91 was founded in 2015 by Prateek Agrawal (IIT Roorkee, 2013), Sandeep Gurnani (IIT Delhi, 2012), Saurabh Vyas (IIT Bombay, 2004) and Dhawal Vasavada (IIT Roorkee, 2011) with a dream to contribute to a clean energy driven India. The company provides turnkey EPC services to commercial and Industrial customers across India. Currently, it has an order book of more than 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 - Feeder Level Solarization) Scheme.
Solar91, headquartered in Jaipur, Rajasthan has worked in 13 states across India having successfully commissioned close to 80 MW in distributed Solar Projects. As per the DRHP, the company will mainly use the issue proceeds from the IPO towards development of projects as an IPP. Further, a part will also be utilized towards meeting its working capital requirements as an EPC company.
Solar91 is rapidly increasing its presence across India and recently has emerged as the lowest bidder in IPP projects in Karnataka. The company is also in the process of developing Solar Parks for Captive Open Access Consumers in Rajasthan and Karnataka.
Solar91 has received institutional debt support from Netherland based Energy Access Relief Fund which supports clean energy organizations in APAC & Africa. The company was backed by marquee investors such as Krishna Pant (founder SGS Tekniks), Prashant Jain (Tikri Investments), Lalit Dua (Rajasthan Global Securities), Manoj Agrawal (Jaipur based investor), Brijesh Thakkar (leading angel investor), Manas Chadha (MD-Wealth Management, Lighthouse Canton) and many other renowned names.
Leading IIT Alumni such as Anirudh Arun (co-founder, Blu Smart), Naisheel Verdhan (co-founder, City Mall), Rahul Sharma (co-founder, Zetwerk), Ranjit Gupta (co-founder, Ocior Energy) and Rohit Pande (co-founder, Questt) also participated in the placement round backing their fellow IIT Alumni.
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