Ahmedabad-based solar turnkey solutions provider Solarium Green Energy has received in-principle approval from the BSE SME to float its Initial Public Offering (IPO) of shares.

The IPO comprises a fresh issue of 5.5 million equity shares at a face value of ₹10 (~$0.117) each.

The company had submitted its Draft Red Herring Prospectus (DRHP) in September this year.

Solarium requires ₹1.69 billion (~$19.85 million) for its working capital needs, which it plans to fulfill in part by utilizing ₹650 million (~$7.63 million) from the IPO. The remaining requirement of ₹1.04 billion (~$12.21 million) will be met through internal financing sources.

The Book Running Lead Manager to the issue is Beeline Capital Advisors.

The company disclosed in its DRHP that it has completed 8,506 residential rooftop solar projects, 152 commercial and industrial projects, and eight government projects in the last three financial years. It manages 41 projects worth ₹ 1.65 billion (~$19.38 million).

Solarium also offers solar products, including solar modules, inverters, and availability-based tariff meters.

The company reported revenues of ₹1.78 billion (~$21.21 million), earnings before interest, taxes, depreciation and amortization of ₹237.75 million (~$2.83 million), and a profit after tax of ₹155.89 million (~$1.85 million) for the period ending March 31, 2024.

Recently, Maharashtra-based agri-solar solutions provider GK Energy filed a DRHP to raise over ₹5.01 billion (~$60.02 million) through an IPO. The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale (OFS) of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714).

In November 2024, Haryana-based solar module manufacturer Saatvik Green Energy filed its DRHP with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an IPO.