Solarworld Energy Solutions Raises INR 110 Cr in Pre-IPO Placement The solar energy solutions provider issued 31.24 lakh shares at INR 352.05 apiece on November 21, aggregating the transaction value to INR 109.99 crore. Key investors include Valuequest Scale Fund, VQfastercap Fund, and other individual investors.
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Solarworld Energy Solutions has successfully raised INR 110 crore in a pre-IPO placement round, securing funds from investors including ValueQuest Investment Advisors.
The solar energy solutions provider issued 31.24 lakh shares at INR 352.05 apiece on November 21, aggregating the transaction value to INR 109.99 crore. Key investors include Valuequest Scale Fund, VQfastercap Fund, and other individual investors.
This pre-IPO round has reduced the fresh issue component of Solarworld's upcoming IPO to INR 440 crore from the earlier INR 550 crore. The total IPO size, as outlined in the company's draft red herring prospectus (DRHP) filed with SEBI in September, stands at INR 600 crore.
The offering comprises a fresh issuance of equity shares worth INR 440 crore and an offer-for-sale of INR 50 crore by promoter Pioneer Facor IT Infradevelopers.
The proceeds from the fresh issue will fund strategic initiatives, including an INR 420 crore investment in the company's subsidiary, Kartik Solarworld. This capital will partially finance the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, with additional funds earmarked for corporate purposes.
Solarworld Energy Solutions, a leading provider of engineering, procurement, and construction services for solar projects, has achieved significant milestones. As of August 31, 2024, the company completed solar projects with a capacity of 253.67 MW AC/336.17 MW DC and is currently working on projects with a cumulative capacity of 420 MW AC/592 MW DC.
Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers for the IPO. Solarworld's strategic plans and robust project pipeline position it as a key player in India's renewable energy sector.
