Solar91 Cleantech Ipo
Solar91 Cleantech IPO Review & Key Points
Review:
IPO Lead Managers aka Merchant Bankers
Narnolia Financial Services Ltd
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 1,200 | ₹2,34,000 |
| Retail Maximum | 2 | 1,200 | ₹2,34,000 |
| S-HNI Minimum | 3 | 1,800 | ₹3,51,000 |
| S-HNI Maximum | – | – | ₹- |
| B-HNI Minimum | – | – | ₹- |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
| Anchor Bidding Date | 2026 |
| Anchor Investors List | |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | 2026 |
| lock-in period end date 50% shares (90 Days) | 2026 |
| IPO Open Date: | 2026 |
| IPO Close Date: | 2026 |
| Basis of Allotment: | 2026 |
| Refunds: | 2026 |
| Credit to Demat Account: | 2026 |
| IPO Listing Date: | 2026 |
| IPO Bidding Cut-off Time: | 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | – | 69.75% |
| Promoter Holding Post Issue | – | 51.26% |
| Purpose | Crores |
| To meet the expenses for Investment in Subsidiary for development of Solar Projects as an Independent Power Producer (IPP) | ₹- |
| To meet the expenses for Working capital requirement for the company | ₹- |
| To meet the expenses for General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2022 | ₹42.01 | ₹41.57 | ₹0.32 | ₹9.54 |
| 2023 | ₹37.67 | ₹37.40 | ₹0.20 | ₹12.99 |
| 2024 | ₹42.97 | ₹39.84 | ₹2.36 | ₹24.95 |
| September 2024 | ₹50.54 | ₹45.27 | ₹4.00 | ₹52.47 |
| KPI | Values |
| ROE: | 49.51% |
| ROCE: | 25.81% |
| EBITDA Margin: | 9.00% |
| PAT Margin: | 5.46% |
| Debt to equity ratio: | 2.30 |
| Earning Per Share (EPS): | ₹2.17 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 49.51% |
| Net Asset Value (NAV): | ₹3,047.22 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Oriana Power Limited | 33.93 | 65.10 | 36.47 | 7.88 | 55.13 Cr. |
| Waaree Renewable Technologies Limited | 14.30 | 95.30 | 57.43 | 12.45 | 148.94 Cr. |
| IPO Open Date: | 2026 |
| IPO Close Date: | 2026 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹185 to ₹195 Per Share |
| Issue Size: | Approx ₹106.00 Crores |
| Fresh Issue: | Approx ₹106.00 Crores |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE SME |
| DRHP Draft Prospectus: | |
| RHP Draft Prospectus: |