Solarium Green Energy IPO

Solarium Green Energy Ltd

₹1,08,600 /600 sharesMinimum Investment

Solarium Green Energy IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
--₹191.00₹202.00₹11.00 (5.76%)

Solarium Green Energy IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
6 Feb ‘25 - 10 Feb ‘25₹1,08,600600₹181 - ₹191
Issue SizeIPO Doc
105.04Cr
RHP PDF

Subscription rate

As of 10 Feb'25, 05:00 PM
Qualified Institutional Buyers2.71x
Non-Institutional Investor1.48x
Retail Individual Investor2.42x
Total1.53x

About Solarium Green Energy

Solarium Green Energy is a provider of turnkey solar solutions, covering designing, engineering, procurement, construction, testing, commissioning, and operation and maintenance (O&M) of solar power plants. The company undertakes a variety of projects, including residential rooftop installations, commercial and industrial (C&I) rooftop and ground-mounted systems, as well as government projects. In addition to turnkey solutions, the company is also engaged in the sale of solar products such as solar photovoltaic (PV) modules, solar PV inverters, availability-based tariff (ABT) metres, and other related solar equipment. Use of proceeds: The IPO is a fresh issue of shares and the proceeds from the share sale will be utilised for: Fulfilling working capital requirements General corporate purposes;
Founded in
2015
Managing director
Mr. Ankit Garg
Parent organisation
Solarium Green Energy Ltd

Strengths & Financials of Solarium Green Energy

Strengths
Risks
The company holds BIS certification. The company is also ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environment management systems and ISO 45001:2018 certified for occupational health and safety (OH&S) management systems.
The company has developed, executed, and commissioned 11,195 residential rooftop projects, 172 projects in the commercial and industrial (C&I) rooftop and ground-mounted segment, and 17 government projects.
The company’s turnkey projects are spread across 10 states in India, including Gujarat, Delhi, Rajasthan, Haryana, Punjab, Odisha, Maharashtra, Uttar Pradesh, Madhya Pradesh, and Jammu & Kashmir.
The company’s revenue relies heavily on its operations in Gujarat, which contributed Rs 62.08 crore (75.71%) as of September 30, 2024, and Rs 139.49 crore (78.63%), Rs 74.16 crore (75.07%), and Rs 121.98 crore (72.88%) in FY24, FY23, and FY22, respectively, to the revenue from operations. Any adverse developments in this region could negatively impact the company’s business and financial results.
The company was engaged in manufacturing polycrystalline solar modules since 2018 but halted production in February 2024 due to changes in the Approved List of Modules and Manufacturers (ALMM) by the Ministry of New & Renewable Energy. Any sudden regulatory changes affecting solar modules or related products like these could adversely impact operations and finances.
A major portion of revenue comes from a limited number of clients. The top 10 customers accounted for 40.76%, 41.01%, 25.98%, and 39.71% of revenue from operations in the period ending September 30, 2024, and FY24, FY23, and FY22, respectively. Any loss of any of these clients could negatively affect the company’s operations and financial performance.
The company and its promoters are involved in certain legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Revenue from government turnkey projects is highly concentrated in the second half of the financial year. These projects contributed Rs 56.74 crore (95.39%) in FY24 and Rs 4.65 crore (100%) in FY23. This uneven revenue distribution makes project scheduling difficult, potentially impacting business operations and financial performance.
As of September 30, 2024, the company had contingent liabilities amounting to Rs 12.18 crore. If these liabilities materialise they could adversely affect the company’s financial stability.
The company had outstanding unsecured loans totalling Rs 7.21 crore as of September 30, 2024. Any inability to repay or service these loans could adversely affect the company’s financial position.

Solarium Green Energy Financials

*All values are in Rs. Cr
No Graph Data To Display

Application Details of Solarium Green Energy IPO

Apply asPrice bandApply upto
Regular181 - 191₹2 - 5 Lakh
High Networth Individual181 - 191₹2 - 5 Lakh
For Solarium Green Energy IPO, eligible investors can apply as Regular.