The initial public offering (IPO) of Solarworld Energy Solutions kicks-off for subscription on Tuesday, September 23 and can be subscribed until Thursday, September 25. The company shall be offering its shares in the range of Rs 333-351, for which investors can apply for a minimum of 42 equity shares and its multiples thereafter.
Solarworld Energy Solutions is looking to raise a total of Rs 490 crore via IPO which includes a fresh share sale of Rs 440 crore and an offer-for-sale (OFS) of up to 14,24,501 equity shares worth Rs 50 crore. The net proceeds from the issue shall be utilized towards investment in the Subsidiary, KSPL for financing the establishment of the Pandhurana Project and general corporate purposes.
Incorporated in 2013, New Delhi-based SolarWorld Energy Solutions, is a solar energy solutions provider specializing in engineering, procurement, and construction (EPC) services for solar power projects. Its customer base includes SJVN Green Energy, Haldiram Snacks, Ethnic Food Manufacturing, and Samiksha Solarworld, among others.
SolarWorld Energy Solutions raised Rs 220.5 crore from 14 anchor investors at its finalised allocation of 15,16,853 shares at Rs 351 apiece. Names like VQ Fastercap Fund, Pinebridge Global Funds, Singularity AMC, Citigroup Global, BNP Paribas, Varanium Dynamic Trust, Nuvama Private Investment Trust, Astrone Capital, Motilal Oswal AMC and others participated in the anchor book.
SolarWorld Energy Solutions reported a net profit of 77.05 crore with a revenue of Rs 551.09 crore for the year ended on March 31, 2025. The company clocked a net profit of Rs 51.69 crore with a revenue of Rs 505.50 crore in 2023-24. At the current valuations, the company is commanding a market capitalization of more than Rs 3,040 crore.
Jaro Institute has reserved 75 per cent of net offer for QIBs, while HNI bidders will have 15 per cent of allocation. Retail investors will have only 10 per cent of the allocation. Last heard, it was commanding a grey market premium (GMP) of Rs 65 apiece, signalling 19 per cent gains over the upper end of the price band.
Nuvama Wealth Management and SBI Capital Markets are the book running lead managers for the Solarworld Energy Solutions and MUFG Intime India is the registrar of the issue.Shares of the company are likely to be listed on both BSE and NSE on Tuesday, September 30. Here’s what a host of brokerage firms say about the IPO of Solarworld Energy Solutions:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
SolarWorld Energy Solutions, is a solar energy solutions provider specializing in EPC services for solar power projects. It provides comprehensive, end-to-end, and cost-efficient solar power installation solutions customized to the requirements of public sector and commercial and industrial clients. It operates within a highly competitive and fragmented market landscape, said Anand Rathi.
Its operational strength is underpinned by robust execution capabilities, as evidenced by a portfolio of completed projects that have reached commercial operation and a pipeline of ongoing projects currently under order or execution. The growth of the solar sector is driven by strong government support, evidenced by an aggressive and sustained tendering approach, it added with ‘subscribe for long-term’ rating.
SMIFS
Rating: Subscribe
With solar capacity additions expected to reach 170-180 GW between FY26-30, double the 85 GW added in FY19-25, said SMIFS. “We recommend ‘subscribe’ to the issue due to its strong and diversified order book, rapid capacity expansion, vertical integration, and favourable industry tailwinds to drive high topline growth and margin-enhanced profitability,” it added.
Ventura Securities
Rating: Subscribe
Solarworld is expanding its market presence through strategic alliances and government-backed projects. Its focus on innovation and quality has secured key partnerships with public and private clients. With a strong order book and planned capacity expansion, Solarworld is well-positioned to capture a larger share of both domestic and international markets, said Ventura.
“The company is exploring international markets, particularly in Southeast Asia and the Middle East, driven by rising demand for renewable energy. With a strong project pipeline and advanced solar technologies, SWE is set to play a key role in India’s renewable energy growth,” it added with a ‘subscribe’ rating.
BP Wealth
Rating: Subscribe
On the upper price band, the issue is valued at a P/E of 32.9 times based on FY25 earnings, which seems fairly valued, said BP Wealth. “Given its strong financial performance, strong business model and favourable industry tailwinds, the issue offers attractive medium to long-term potential. We, therefore, assign the issue a ‘subscribe’ rating from a long-term perspective,” it said.