Ahmedabad-based solar turnkey solutions provider Solarium Green Energy has submitted its Draft Red Herring Prospectus with BSE SME (Bombay Stock Exchange Small and Medium Enterprises) in preparation for an Initial Public Offering (IPO), which will involve issuing up to 5.5 million equity shares.

The company plans to use the IPO proceeds to fulfill working capital needs and address general corporate expenses.

In addition to its turnkey solutions covering design, engineering, procurement, testing, installation, commissioning, and transmission systems, Solarium Green Energy also provides operation and maintenance services.

The company offers solar products, including solar modules, inverters, and availability-based tariff meters. It handles various projects, including residential rooftop installations, commercial and industrial projects, and government projects.

The company reported revenues of ₹1.78 billion (~$21.21 million), an 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.

The company said it has completed 8,506 residential rooftop projects, 152 C&I projects, and eight government projects. It is currently managing 41 ongoing projects with a total value of ₹ 1.65 billion (~$19.66 million) and is working on new tenders worth ₹2.53 billion (~$30.15 million).

Recently, solar cell and module manufacturer and EPC solutions provider Premier Energies‘ ₹28.30 billion (~$337.4 million) IPO of shares received an overwhelming response from various investor categories, with the issue subscribed over 74 times.

In July, renewable energy developer ACME Solar filed its draft red herring prospectus with the Securities and Exchange Board of India for an IPO worth ₹30 billion (~$360 million) at ₹2 (~$0.024) per share.

Last December, Waaree Energies filed draft papers with the market regulator to raise ₹30 billion (~$361 million) in an IPO to part finance a 6 GW ingot, cell, wafer, and module manufacturing facility.