Solarium Green Energy files papers with BSE SME for IPO

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Solarium Green Energy, a turnkey solar solution provider and comprehensive O&M services company, has filed its Draft Red Herring Prospectus with BSE SME to issue 55 lakh equity shares through initial public offering.

The objective of the issue is to meet working capital requirements and to address general corporate purposes.

The company reported revenue of ₹178 crore and EBITDA of ₹24 crore and net profit of ₹16 crore in the financial year ended March, 2024.

Between FY22 and FY24, the company has completed 8,506 residential rooftop projects, 152 commercial and industrial projects and 8 government projects. Currently, the company has 41 ongoing projects valued at ₹165 crore and pursuing new tenders worth ₹253 crore.

Founded by IIT Dhanbad alumnus Ankit Garg, Solarium Green Energy provides a full suite of services that includes design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance.

The company excels in a diverse range of projects, encompassing residential rooftop installations, commercial and industrial rooftop projects, ground-mounted systems, and government projects.

This apart, the company offers a variety of solar products such as PV modules, inverters, and availability-based tariff meters.