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Solarium Green Energy IPO
Solarium Green Energy Ltd
₹1,08,600 /600 sharesMinimum Investment
Solarium Green Energy IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹191.00 | ₹202.00 | ₹11.00 (5.76%) |
Solarium Green Energy IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 6 Feb ‘25 - 10 Feb ‘25 | ₹1,08,600 | 600 | ₹181 - ₹191 |
| Issue Size | IPO Doc |
|---|---|
| 105.04Cr | RHP PDF |
Subscription rate
As of 10 Feb'25, 05:00 PM
| Qualified Institutional Buyers | 2.71x |
| Non-Institutional Investor | 1.48x |
| Retail Individual Investor | 2.42x |
| Total | 1.53x |
About Solarium Green Energy
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
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Application Details of Solarium Green Energy IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹181 - 191 | ₹2 - 5 Lakh |
| High Networth Individual | ₹181 - 191 | ₹2 - 5 Lakh |
For Solarium Green Energy IPO, eligible investors can apply as Regular.