Solarworld Energy Solutions Initiates IPO Process, Submits DRHP to SEBI

Solarworld Energy Solutions Private Limited submits DRHP with SEBI and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is offering a fresh issue worth up to Rs 550 crore of equity shares and an offer for sale of up to Rs 50 crore of equity shares. The total aggregate size of a public issue will be up to Rs 600 crore, and the total no. of equity shares that will be issued by the company has not yet been disclosed. The face value mentioned by the company is Rs 5 per each. This new IPO issue is being made through the book-building process with a reservation of less than 75% of the new offer reserved for Qualified Institutional Investors, not more than 15% reserved for NII and not more than 10% reserved for Retail Individuals. The opening and closing dates of this IPO have not yet been disclosed, and the price band at which you can bid for this IPO will announced soon by the company.

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About Solarworld Energy Solutions Limited

Solarworld Energy Solutions Limited, formerly known as Solarworld Energy Solutions Private Limited, was incorporated on 17 July 2013. Solarworld Energy Solutions Limited is a New Delhi-based company which is a solar energy solution provider offering solar power plants in both commercial and residential sectors with the aim of optimizing the consumption of energy for sustainable longevity. This company recently emerged from a private to a public entity, symbolizing growth and commitment to the expansion of its market presence. Being a company with an authorized capital of Rs 50 lakhs, thrust to offering cost-effective energy solutions, Solarworld Energy Solutions Limited is set to play a huge role in India's profile of renewable energy.

Solarworld Energy Solutions IPO Objectives

The company propose to utilize the net proceeds from the fresh issue to fund Rs 420 crore in their Subsidiary, Kartik Solarworld Private Limited, for part financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, India and the rest into general corporate purposes. (As per Prospectus by the company to the SEBI)

Financials of Solarworld Energy Solutions

The company's financial performance in March 2024 has improved significantly when compared with that of March 2023. Assets jumped by 28.7% from Rs120.43 crore to Rs155.02 crore. Revenues are much higher at over double the amount; that is, they increased from Rs232.46 crore in March 2023 to Rs501.02 crore in March 2024. Profit after tax shot up to a pretty significant 248.3%; that is, it increased from Rs14.84 crore to Rs51.69 crore. However, total borrowings at least recorded a marginal decline of 5.5%, from Rs64.67 crore to Rs61.10 crore. On all important financials, the company performed impressively while ensuring that its debt was kept under leash.

Lead managers and Registrar of Solarworld Energy Solutions IPO

The IPO is managed by Nuvama Wealth Management Limited and SBI Capital Markets Limited, which is the book-running lead manager of this public issue. The company has appointed Link Intime India Private Limited as the registrar for this public issue.

Promoters of Solarworld Energy Solutions

Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, Anita Jain, Pioneer Facor IT Infradevelopers Private Limited, Pioneer Securities Private Limited and Pioneer Fincap Private Limited are the identifiable promoters (s) of the company. They collectively held 82.16 of the company's shares. However, post-IPO changes in their shareholding have not yet been disclosed.

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