Solarworld Energy Solutions Eyes Rs 600 Crore IPO

30 Sep 2024 , 12:05 PM

Solarworld Energy Solutions filed preliminary documents with the capital markets regulator SEBI on 29 September to raise Rs 600 crore through an IPO.

The IPO consists of a new issuance of equity shares worth Rs 550 crore and an offer-for-sale of shares worth Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.

The promoters own 82.15% of the company, with the remaining 17.85% held by public shareholders, including Value Quest Scale Fund.

The Uttar Pradesh-based business, which specialises in engineering, procurement, and construction (EPC) services for solar power projects, may also raise Rs 110 crore by a preferential offer or other means prior to filing the Red Herring Prospectus with the Registrar of Companies. If the company raises cash via a pre-IPO placement, the amount will be deducted from the new issue.

Solarworld Energy Solutions Limited, with over 500 MW of active ground-mounted solar parks and an ambitious goal of 5 GW by 2028, is at the vanguard of India’s green transition. The company currently has 700 MW of solar projects under construction, making considerable progress in expanding renewable energy across the country.

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