Solar91 Cleantech Set to Shake Up the Market with ₹100 Crore SME IPO—Here's What You Need to Know! 

Amid the growing popularity of solar energy companies, another player in the industry, Solar91 Cleantech, has submitted its draft red herring prospectus (DRHP) to the BSE, aiming to launch its initial public offering (IPO) on the SME platform of the exchange.

According to the draft documents, the IPO will include a fresh issue of 54.36 lakh shares with a face value of ₹10 each, amounting to approximately ₹100 crore. Narnolia Financial Services has been appointed as the lead manager for the offering, while Maashitla Securities will serve as the registrar.

Founded in 2015 by a group of IIT alumni with a vision to promote clean energy in India, Solar91 Cleantech specializes in providing turnkey EPC (Engineering, Procurement, and Construction) services to commercial and industrial clients nationwide.

At present, the company holds an order book exceeding 155MW as an Independent Power Producer (IPP) under the PM Kusum (C2 - Feeder Level Solarization) Scheme. Based in Jaipur, Solar91 has completed projects in 13 states across India, successfully commissioning nearly 80 MW of distributed solar projects.

The net proceeds from the IPO will be directed toward project development as an IPP, fulfilling working capital needs for its EPC operations, and for general corporate purposes. Notably, Solar91 recently secured the position of the lowest bidder for IPP projects in Karnataka.

In addition, Solar91 is working on developing solar parks for Captive Open Access Consumers in Rajasthan and Karnataka. The company has also secured institutional debt support from the Netherlands-based Energy Access Relief Fund, which assists clean energy ventures in the Asia-Pacific and Africa regions.

Solar91 is backed by prominent investors such as Prashant Jain of Tikri Investments (formerly MD & CEO of JSW Energy), Krishna Pant, the founder of SGS Tekniks, and Lalit Dua of Rajasthan Global Securities. Several IIT alumni have also participated in previous funding rounds.

Solar 91 is a comprehensive provider of turnkey solar power solutions, offering a range of services including site surveys, system design, obtaining permits and approvals, installation, utility interconnection, inspection, commissioning, as well as ongoing monitoring and maintenance of solar energy projects. Their portfolio includes a 6MW solar project in Uttar Pradesh and a 4MW project in Rajasthan, developed under the captive open access policy. The company is certified by the Ministry of New and Renewable Energy (MNRE).