SolarWorld Energy Solutions has submitted its Draft Red Herring Prospectus (DRHP) to SEBI and is set to launch a ₹600 crore IPO. The IPO will include a fresh issue of ₹550 crores and an offer for sale (OFS) of equity shares with a face value of ₹5 each. The retail investor quota is 10%, with 75% allocated to Qualified Institutional Buyers (QIBs) and 15% for High Net-Worth Individuals (HNIs), as stated in the DRHP. The company plans to list on both NSE and BSE, though the IPO date is yet to be announced.
SolarWorld Energy Solutions, founded in 2013, specializes in solar and lighting solutions for residential and commercial use. The company is recognized for its expertise in solar EPC (Engineering, Procurement, and Construction) and is currently developing 700 MW of solar projects. With an 82.15% promoter stake, the company is focused on advancing renewable energy initiatives across the country. If additional funds are raised in the pre-IPO phase, the fresh issue size could be reduced.
The directors of SolarWorld Energy Solutions include Sushil Kumar Jain, Mangal Chand Teltia, Rishabh Jain, Kartik Teltia, and Samiksha Jain.
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SolarWorld offers solar energy solutions through two models: the Capital Expenditure (CAPEX) model and the Renewable Energy Service Company (RESCO) model. Competing with listed companies such as Sterling & Wilson Renewable Energy, Waaree Renewable Technologies, KPI Green Energy, Gensol Engineering, and Oriana Power, SolarWorld has demonstrated stronger financial performance over the past few years compared to its peers.
SolarWorld Energy Solutions IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
SolarWorld Energy Solutions Financial Report
(Amounts in ₹ Crores)
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹ 31.91 | ₹ 30.46 | ₹ 2.20 |
| 2023 | ₹ 235.05 | ₹2,17.13 | ₹ 14.84 |
| 2024 | ₹ 505.50 | ₹4,39.37 | ₹ 51.69 |
SolarWorld Energy Solutions IPO Valuation – FY2024
The IPO valuation of SolarWorld Energy Solutions includes key financial metrics such as Earnings Per Share (EPS), Price-to-Earnings (P/E) Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV).
| Earning Per Share (EPS): | ₹8.00 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 108.25% |
| Net Asset Value (NAV): | ₹ 11.39 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Blue Dart Express Limited | NA | 64.45 | 23.64 | 576.18 | 5318.67 Cr. |
| Delhivery Limited | NA | NA | 2.72 | 124.11 | 8594.23 Cr. |
Objects of the Issue
Investment in our subsidiary, Kartik Solarworld Private Limited, to partially finance the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, India.
General corporate purposes.
IPO Lead Managers (Merchant Bankers)
Nuvama Wealth Management Limited
SBI Capital Markets Limited