SolarWorld Energy Solutions Files Draft Papers with SEBI for INR 600 Crore IPO

SolarWorld Energy Solutions Ltd., a prominent solar energy EPC services provider based in Uttar Pradesh, has submitted its draft papers to the Securities and Exchange Board of India (SEBI) to raise INR 600 crore through an Initial Public Offering (IPO).

The offering includes a fresh issue of equity shares valued at INR 550 crore, and an additional INR 50 crore will be raised through an offer for sale by one of its promoters, Pioneer Facor IT Infradevelopers Pvt. Ltd. The face value of each share is INR 5, and the final pricing will be decided through a book-building process. 

As per the firm in its filing, the promoters of SolarWorld Energy Solutions include a group of experienced individuals and entities, namely Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, and Anita Jain. In addition to these individual promoters, the company is also backed by Pioneer Facor IT Infradevelopers Pvt. Ltd,. Pioneer Securities Pvt. Ltd., and Pioneer Fincap Pvt. Ltd.

Post-IPO, SolarWorld intends to list its shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), expanding its market reach and attracting a broader range of investors. Nuvama Wealth Management Ltd. and SBI Capital Markets Ltd. have been appointed as the lead managers, while Link Intime India Private Limited will serve as the registrar.

As per the firm, it has already established over 500 MW of operational ground-mounted solar parks and has set an ambitious goal of scaling its capacity to 5 GW by 2028. Further, the firm is in the process of constructing an additional 700 MW of solar projects, further cementing its role as a leader in India’s green energy transition.

The funds raised from the fresh issue of INR 550 crore will be allocated toward the development of both ongoing and future solar projects, ensuring the company’s growth targets are met. In addition to expanding its solar capacity, SolarWorld Energy Solutions is focussing on introducing new technologies and enhancing its manufacturing capabilities.

The company is set to launch advanced solar modules and expand its offerings in Battery Energy Storage Systems (BESS), which will be vital in ensuring the stability and reliability of solar power. As part of its long-term growth strategy, SolarWorld also plans to establish a cutting-edge solar cell manufacturing facility. This facility will not only increase production capacity but also strengthen the company’s supply chain, making it more sustainable and capable of supporting large-scale projects. These initiatives align with India’s broader goal of achieving 500 GW of renewable energy capacity by 2030.