Solarium Green Energy Limited, a leading provider of turnkey solar solutions, is set to launch its initial public offering (IPO) on February 6, 2025, with a target of raising Rs 105.04 crore (around $12.5 million). This move marks an important milestone for the company and for the Indian solar sector as it becomes the first company from the Indian startup ecosystem to go public via the SME route in 2025.
The Solarium Green Energy IPO will consist of 55,00,000 equity shares, with a face value of Rs 10 each. The shares will be priced between Rs 181 and Rs 191 per share, with a minimum lot size of 600 equity shares, requiring an investment of Rs 1,41,600 for investors. The IPO will be open for subscription from February 6 to February 10, 2025.
The share allocation includes 46% (26,05,000 shares) reserved for Qualified Institutional Buyers (QIBs), 7,82,400 shares for High Net-Worth Individuals (HNIs), 2,86,800 shares for market makers, and 33.17% for retail investors.
The funds raised through the IPO will primarily be used to meet the company’s working capital requirements and for general corporate purposes.
Founded by Ankit Garg, Solarium Green Energy specializes in providing end-to-end solar solutions, from design and engineering to installation and maintenance. With a track record of over 11,000 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects completed between April 2021 and September 2024, the company has gained a strong foothold in the renewable energy sector.
For the fiscal year 2023-2024, Solarium reported revenue of Rs 177.80 crore and net profits of Rs 15.59 crore. In the first half of the current fiscal year (H1FY25), the company posted revenue of Rs 81.99 crore and net profits of Rs 7.55 crore. Remarkably, these achievements were made without any venture or institutional funding, reflecting the company’s self-sustained growth model.
Solarium Green Energy operates in a competitive space with several key players, including Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy. Despite this competition, the company has carved out a unique position in the market by offering comprehensive solar solutions with a strong emphasis on operational efficiency and customer satisfaction.
The IPO marks a significant step for Solarium Green Energy, further solidifying its growth trajectory in the rapidly expanding Indian solar industry.
As the first company from India’s startup ecosystem to go public in 2025, Solarium’s IPO is expected to garner substantial attention from investors, particularly those interested in clean energy and renewable technologies. This move highlights the increasing interest in the renewable energy sector and the continued push towards sustainability in India’s corporate landscape.
