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Solarworld Energy Solutions IPO Day 1 LIVE: Solarworld Energy Solutions' ₹490-crore initial public offering (IPO) has opened for bidding today, September 23. The mainboard IPO will conclude on Thursday, September 25. The price band has been fixed in the range of ₹333 to ₹351 per share.

The IPO is a combination of fresh issuance of equity shares worth ₹440 crore, and an offer-for-sale of shares valued ₹50 crore by promoter Pioneer Facor IT Infradevelopers.

The company plans to use the proceeds from the fresh issue will be used for investment in the company's subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, and general corporate purposes.

Solarworld Energy Solutions IPO GMP (grey market premium) stands at ₹65. With a price band capped at ₹351, the IPO's estimated listing price is ₹416. Based on this, the expected gain per share is approximately 18.52%.

Solarworld Energy Solutions, a solar energy solutions provider, specialises in engineering, procurement and construction services for solar power projects.

Track this space for all the live updates on Solarworld Energy Solutions IPO.

For the fiscal years 2023, 2024, and 2025, the company derived 87.98%, 91.16%, and 79.19% of its revenue, respectively, from one of its key customers, SJVN Green Energy Limited. The loss of this key customer could materially and adversely impact the company’s business, future prospects, and financial performance.

The Company, in consultation with the Book Running Lead Managers, undertook a Pre-IPO Placement of 3,124,548 equity shares on November 21, 2024, at an issue price of ₹352.05 per share (including a premium of ₹347.05 per share), raising a total of ₹1,100.00 million in cash consideration. As a result, the size of the Fresh Issue has been reduced by ₹1,100.00 million, bringing the revised Fresh Issue size to ₹4,400.00 million.

Solarworld Energy Solutions IPO was subscribed 55% as of 1.13 pm on the first day of the book-building process. The NII portion was booked 47% and retail portion 2.30 times. QIB segment was nil.

Kartik Teltia, Rishabh Jain, Mangal Chand Teltia, Sushil Kumar Jain, Anita Jain, Pioneer Facor IT Infradevelopers Private Limited, Pioneer Securities Private Limited and Pioneer Fincap Private Limited are the promoters of the company.

A typical EPC solar project includes design, civil works, equipment procurement and installation, as well as commissioning. However, with constrained returns in the sector, the scope of EPC projects has evolved to also include Operations and Maintenance (O&M) services. Most EPC players now offer integrated and customized solutions tailored to client requirements through a consultative approach.

Favorable government initiatives, rising demand for clean and green energy, and increased rooftop solar installations by commercial and industrial (C&I) consumers have further provided momentum to solar adoption in India. (Source: CRISIL Report)

The company has demonstrated strong financial performance, with total income growing at a CAGR of 53.12%, increasing from ₹2,350.52 million in Fiscal 2023 to ₹5,510.85 million in Fiscal 2025. This growth has been driven by robust operational capabilities, cost optimization, and efficient execution.

As a result, EBITDA rose from ₹228.76 million in Fiscal 2023 to ₹1,067.47 million in Fiscal 2025. Profit after tax also witnessed significant growth, increasing at a CAGR of 127.89% from ₹148.36 million in Fiscal 2023 to ₹770.48 million in Fiscal 2025.

Additionally, the company’s profit before tax (PBT) margin improved from 8.32% to 19.57% over the same period, reflecting its strong execution efficiency and effective working capital management.

Since its incorporation, the company has successfully developed, constructed, and operated a diverse portfolio of rooftop and ground-mounted solar projects under both CAPEX and RESCO models.

As of July 31, 2025, the company had:

46 completed projects with a cumulative capacity of

6 ongoing EPC projects at various stages of execution, with a total capacity of

2 ongoing Battery Energy Storage System (BESS) projects with a capacity of

This strong project pipeline and execution record reflect the company’s growing presence in both solar and energy storage segments.

Solarworld Energy Solutions IPO was booked 25% so far on the first day of the bidding by 11.15 am. The retail portion sailed through with 1.10 times bids, while the NII portion received 0.18 times subscription. QIB segment did not see any bids yet.

Kartik Teltia, one of the Promoters and the Managing Director of the company, brings over a decade of experience in the solar energy sector. He has played a pivotal role in shaping the company’s vision for renewable energy solutions. Under his leadership, the company has expanded its focus on solar power projects by adopting modern technologies and sustainable energy practices.

Rishabh Jain, also a Promoter and the Whole-time Director, has over ten years of experience in managing the company's operations. He brings in-depth expertise in financial management and strategic planning.

The company is further supported by a highly experienced team of Key Managerial Personnel and Senior Management, who bring collective expertise across a wide range of domains including finance, compliance, business expansion, project management, and engineering. Many team members have held senior roles at global firms across industries such as manufacturing, power, and cement. Additionally, they possess deep experience in business development, supply chain management, and operations, having contributed to the growth of prominent companies in the energy and electrical sectors.

As of July 31, 2025, the company's Order Book — representing the total value of EPC contracts, Battery Energy Storage System (BESS) projects, and other projects for which definitive contracts have been signed or letters of intent awarded (excluding revenue already billed) — stood at ₹25,278.14 million.

The company has a proven track record of successfully delivering projects for both Public Sector Undertakings (PSUs) and Commercial & Industrial (C&I) clients. Its customer base includes notable names such as SJVN Green Energy Limited, Haldiram Snacks Private Limited, Ethnic Food Manufacturing Private Limited, and Samiksha Solarworld Private Limited.

While government projects are typically awarded through a reverse bidding process, the company has also established a strong presence in the private sector solar power space. For private sector projects, it relies on an in-house marketing team that actively engages with potential clients, offering tailored solar solutions to meet specific energy requirements.

On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E ratio of 39.6x, with a post-issue market capitalization of approximately ₹30,422 million, making the issue appear fully priced.

SolarWorld operates in a highly competitive and fragmented market. However, the growth of the solar sector in India is largely supported by strong government initiatives, including an aggressive and sustained tendering approach. This environment positions the company well to capitalize on long-term profitability. Hence, we assign a “Subscribe for Long Term” rating to the issue.

The Solarworld Energy Solutions IPO opened for bidding at 10 am for the first time today. Investors can place bids till 5 pm today. Thereafter, they will have the option to apply on Wednesday and Thursday as well.

The company plans to use the proceeds from the funds raised for the following purposes:

Here are key details about Solarworld Energy Solutions' IPO ahead of the opening today:

Issue Size: ₹490 crore

Fresh Issue: 125.4 lakh shares

Offer for Sale: 14.2 lakh shares

Bid/Issue Opens On: 23-Sept-2025

Bid/Issue Closes On: 25-Sept-2025

Face Value: ₹5

Price Band: ₹333 – ₹351

Minimum Lot Size: 42 shares

As of September 23, 2025, the Grey Market Premium (GMP) for Solarworld Energy Solutions IPO stands at ₹65. With the upper end of the price band of ₹351, the IPO's estimated listing price is ₹416. Based on this, the expected gain per share is approximately 18.52%.

Ahead of the IPO, Solarworld Energy Solutions raised ₹220.5 crore from anchor investors on Monday. According to a circular on BSE, the company allotted 62.82 lakh equity shares to 15 anchor investors at ₹351 per share.

Key anchor investors include Pinebridge Global Funds, Motilal Oswal Mutual Fund, Singularity Equity Fund I, VQ Fastercap Fund II, Citigroup Global Markets Mauritius, and BNP Paribas Financial Markets.

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