Solarium green energy IPO: In the last few months, many companies in the energy sector have launched initial public offerings (IPOs) and listed themselves on the stock market. Another energy company has joined this queue. The name of the company is Solarium Green Energy. This company has filed its draft red herring prospectus (DRHP) with BSE to launch an IPO. This company is preparing for an SME IPO, which involves the sale of up to 55,00,000 equity shares. However, the company has not yet disclosed the issue size.
Let us tell you that for the past few months, companies have been using the primary market to raise capital for expansion plans, repay loans, meet working capital needs, and give existing shareholders an opportunity to exit the company.
About the Company
Solarium Green Energy is a specialized turnkey solutions company. The company provides engineering, design, purchase, testing, installation, commissioning, transmission systems and O&M services. The proceeds from the issue will be used to meet working capital requirements and address general corporate purposes. During the financial year ended March 31, 2024, Solarium Green Energy recorded a revenue of Rs 177.81 crore, with an operating profit of Rs 23.77 crore and a profit of Rs 15.59 crore.
Solarium Green Energy has completed 8,506 residential rooftop projects, 152 C&I projects and eight government projects as of FY24. The company currently has 41 ongoing projects worth Rs 165.30 crore and new tenders worth Rs 252.86 crore.
The company came into existence in 2018
Let us tell you that Solarium Green Energy came into existence in the year 2018. The founder of this company is Ankit Garg, who has studied from IIT. The headquarters of this company is in Ahmedabad, Gujarat.
