Solar91 Cleantech files for Rs 1 billion IPO on BSE SME platform

Solar91 Cleantech, a Jaipur-based solar energy solutions provider, has filed its preliminary papers for an initial public offering (IPO) on the BSE SME platform. The IPO consists of a fresh issue of 5.436 million shares at a face value of Rs 10 each, targeting to raise approximately Rs 1 billion through the book-building route.

The proceeds will be used for project development as an independent power producer (IPP), along with meeting working capital needs and general corporate purposes. Founded in 2015 by IIT alumni Prateek Agrawal, Sandeep Gurnani, Saurabh Vyas, and Dhawal Vasavada, Solar91 has commissioned nearly 80 MW in distributed solar projects across 13 states and is actively developing solar parks for open-access consumers in Rajasthan and Karnataka.

With an order book exceeding 155 MW under the PM Kusum scheme, Solar91 recently emerged as the lowest bidder in IPP projects in Karnataka. The company has secured institutional debt from the Netherlands-based Energy Access Relief Fund and is backed by notable investors, including Krishna Pant, Prashant Jain, and Anirudh Arun.

Narnolia Financial Services Ltd will serve as the book-running lead manager, and Maashitla Securities will be the registrar for the issue. Solar91’s shares will be listed on the BSE SME platform.