Solarium Green Energy, a turnkey solar project executor, plans to raise ₹105 crore through initial public offering on BSE SME platform.

The company will issue 54,99,600 equity shares of face value of ₹10 each with an issue price band of ₹181-191 per share.

The net proceeds from the IPO will be used to meet working capital requirements and to address general corporate purposes. The issue opens for anchor bidding on Wednesday and for other investors on Thursday. The issue will close on February 10.

Beeline Capital Advisors has been appointed as the Book Running Lead Manager to the Issue, while Link Intime India will be the Registrar.

The company has an order book of ₹185 crore. It has placed bid for projects worth ₹885 crore.

Between April 2021 and last September, the company has completed 11,195 residential rooftop projects, 172 commercial and industrial projects and 17 government projects.

The PM-Surya Ghar Muft Bijili Yojana targets to add 30,000 MW of solar capacity across one crore homes with an outlay of ₹75,201 crore by FY27. This translates to about 8-10 GW of annual capacity addition, said the company.

Growing demand

Ankit Garg, Chairman & Managing Director, Solarium Green Energy, said the company has emerged as leading EPC player across the residential, commercial & industrial and government sectors.

With India’s growing renewable energy demand and the nation’s ambitious target of achieving 500 GW by 2030, the company is committed to playing a significant role in expanding the country’s green energy capacity.

“The funds raised through this IPO will enhance our working capital, ensuring seamless project execution and positioning Solarium to capitalise on emerging opportunities in the renewable sector,” he said.

In the first half of this fiscal, the company has registered net profit of ₹8 crore on a revenue of ₹82 crore and EBITDA of ₹12 crore.