Solarium Green Energy, a solar EPC solutions provider, has received market regulator Bombay Stock Exchange’s approval to launch its initial public offering (IPO). The company is set to open for subscription in January as it looks to raise fund to meet working capital requirements and to address general corporate purposes. It plans to issue up to 55,00,000 equity shares, each with a face value of INR 10, in the forthcoming IPO.
Founded by Ankit Garg, an alumnus of Indian school of Mines, Dhanbad, Solarium Green Energy delivers a wide array of services, including design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M). It executes an extensive range of projects, including residential and commercial rooftop systems, ground-mounted installations, solar trees, carports, solar-wind hybrid projects, and energy storage solar solutions.
Between FY 2022 and FY 2024, the company completed 8,506 residential rooftop projects, 152 commercial and industrial (C&I) projects, and eight government projects. As of Aug. 2024, Solarium is managing 41 ongoing projects worth INR 165.29 crore.
For the period ended March 31, 2024, the company reported revenue of INR 177.80 crore and net profit (profit after tax) of INR 15.59 crore.
Beeline Capital Advisors is the book running lead manager to the issue, while Link Intime India will serve as the registrar to the Issue.
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