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Solarium Green Energy Receives In-Principal Approval from BSE for its SME IPO

Ahmedabad-based Solarium Green Energy has received in-principal approval from BSE for its SME IPO, featuring a fresh issue of 5.5 million equity shares to fund working capital and corporate expenses.

December 20, 2024. By Mrinmoy Dey

Ahmedabad-based solar turnkey solutions provider Solarium Green Energy has received approval from the BSE SME platform to launch its Initial Public Offering (IPO).

The IPO includes a fresh issue of 5.5 million equity shares with a face value of INR 10 each. The funds raised from this IPO are expected to support the company's working capital requirements and cover general corporate expenses.

The company filed the Draft Red Herring Prospectus (DRHP) in September 2024.

For this IPO, Beeline Capital Advisors is the Book Running Lead Manager and Link Intime India is the Registrar to the Issue.

The company delivers a wide array of services, including design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M). Catering to a diverse clientele across residential, commercial, industrial, and government sectors, Solarium Green Energy specialises in an extensive range of projects, including residential and commercial rooftop systems, ground-mounted installations, solar trees, carports, solar-wind hybrid projects, and energy storage solar solutions.

Further, between FY22 and FY24, Solarium Green Energy claims to have successfully executed 8,506 residential rooftop projects, 152 C&I projects, and 8 government contracts.

As of August 2024, it has 41 ongoing projects valued at INR 16,529.45 lakhs and is pursuing new tenders worth INR 25,286.06 lakhs.

For the fiscal year ending March 31, 2024, the company reported revenue of INR 177.80 crore, EBITDA of INR 23.78 crore, and PAT of INR 15.59 crore.

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