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Solarworld Energy Solutions IPO
The Solarworld Energy Solutions IPO consists of a fresh issue through a book-built process along with an offer-for-sale (OFS). The IPO is made of a fresh issue of ₹440 crore and an OFS of ₹50 crore. The bidding will open from September 23–25, 2025, with a minimum application of 42 shares, making a ticket size of approximately ₹14,742 at the upper band. The shares are expected to be listed and begin trading on the BSE and NSE exchanges around September 30, 2025. The joint book-running lead managers for Solarworld are Nuvama Wealth Management and SBI Capital Markets, while MUFG Intime India is the registrar.
Company Background
Solarworld Energy Solutions Limited is a leading renewable energy solutions provider serving the commercial, industrial and institutional sectors in India, founded in 2013. The company offers engineering, procurement and construction (EPC) contracting services in solar power projects and has over 500 MW operational and over 700 MW of capacity under construction. Solarworld plans to grow to a capacity of 5 GW by 2028 and, in the last few years, has diversified into related tech areas, including battery energy storage systems and solar cell manufacturing. Solarworld's clients include reputable names, including SJVN, Haldiram, KRBL and Medanta.
Operations And Product Range
Facility And Production
Solarworld Energy Solutions IPO operates state-of-the-art manufacturing facilities, including a planned 1.2 GW solar PV TopCon cell manufacturing unit in Pandhurana, Madhya Pradesh. The company offers a complete range of solar EPC services for commercial, industrial and utility-scale projects, from development through installation and maintenance. Solarworld's manufacturing capability includes high-efficiency solar panels, energy storage systems and supporting infrastructure, backed by a qualified engineering team and audited quality assurance systems compliant with Western standards.
Brands And Market Presence
The Solarworld brand of Solarworld Energy Solutions IPO is well-established for developing innovative solar energy solutions with a sustainable agenda in India, with footprints in Uttar Pradesh, Gujarat, Maharashtra, Madhya Pradesh, Rajasthan and holding international projects in the UAE, Nigeria, Ethiopia and Rwanda. The client base is diversified across energy producers, commercial businesses and public sector utilities and demonstrates strong market presence in solar EPC and manufacturing.
Revenue Channels
- ⦁ The central revenue stream is EPC contracts for solar power projects.
- ⦁ Product-based revenues are generated from the sale of solar PV modules and battery energy systems.
- ⦁ Recurring income is generated through operation And maintenance service contracts post project development and installation processes.
- ⦁ Revenue diversification comes from export business and international projects.
Management And Shareholding
Promoters And Shareholding
Solarworld Energy Solutions IPO is initiated by promoter shareholders, including Pioneer Facor IT Infradevelopers Private Limited, the IPO consists of a fresh issue of equity shares and an offer for sale. Promoter shareholders will retain significant ownership of the company and will therefore allocate strategy and direct company operations after the IPO closes.
Board Members
The Solarworld Energy Solutions IPO board includes seasoned professionals with expertise in renewable energy, finance and corporate governance. IPO management is led by Nuvama Wealth Management and SBI Capital Markets, with MUFG Intime India handling Registrar responsibilities.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Solarworld Energy Solutions IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Solarworld Energy Solutions IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 23, 2025 to September 25, 2025 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Issue Price Band | ₹333 to ₹351 per share |
| Lot Size | 42 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,39,60,113 shares (aggregating up to ₹490.00 Cr) |
| Fresh Issue | 1,25,35,612 shares (aggregating up to ₹440.00 Cr) |
| Offer for Sale | 14,24,501 shares of ₹5 (aggregating up to ₹50.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 7,41,37,042 shares |
| Share Holding Post Issue | 8,66,72,654 shares |
Solarworld Energy Solutions IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Sep 23, 2025 |
| IPO Close Date | Thu, Sep 25, 2025 |
| Tentative Allotment | Fri, Sep 26, 2025 |
| Initiation of Refunds | Mon, Sep 29, 2025 |
| Credit of Shares to Demat | Mon, Sep 29, 2025 |
| Tentative Listing Date | Tue, Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Sep 25, 2025 |
Solarworld Energy Solutions IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 42 | ₹14,742 |
| Retail (Max) | 13 | 546 | ₹1,91,646 |
| S-HNI (Min) | 14 | 588 | ₹2,06,388 |
| S-HNI (Max) | 67 | 2,814 | ₹9,87,714 |
| B-HNI (Min) | 68 | 2,856 | ₹10,02,456 |
Solarworld Energy Solutions IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 78.70% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- ⦁ Strong EPC experience with confirmed solar project execution experience.
- ⦁ Significant installed and pipeline capacity aligning with India’s renewable energy targets.
- ⦁ Diversification into solar module manufacturing and energy storage
- ⦁ Presence across key Indian states and expanding international markets.
- ⦁ Strategic partner relationships with reputable clients in the energy and commercial sectors.
Solarworld Energy Solutions IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,160.39 | 551.09 | 77.05 | 309.07 | 114.55 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 155 | 506 | 52 | 74 | 61 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 120.43 | 235.05 | 14.84 | 21.91 | 64.67 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 40.27% |
| ROCE | 54.53% |
| Debt/Equity | 0.37 |
| RoNW | 40.27% |
| PAT Margin | 14.14% |
| EBITDA Margin | 19.60% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 10.39 | 9 |
| P/E (x) | 33.77 | 39 |
Objectives of Solarworld Energy Solutions IPO
- ⦁ Invest ₹420 crore in subsidiary Kartik Solarworld for the 1.2 GW TopCon cell manufacturing project at Pandhurana, MP.
- ⦁ Use up to 25% of gross proceeds for general corporate purposes and working capital and operational costs.
- ⦁ Offer for sale to existing promoters so that we can provide liquidity with the fresh capital of the IPO.
Conclusion
Solarworld Energy Solutions IPO offers a compelling investment opportunity within India's renewable space due to its growing solar EPC and manufacturing presence. This IPO is an effective blend of capital to be raised and promoter's exit, supporting Solarworld's plans for ambitious capacity expansions and geographical expansion. Institutional and retail investors can use the occasion to participate in India's clean energy transition.
RHP:
DRHP:
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Frequently asked Questions (FAQs )
-
When does the Solarworld Energy Solutions IPO open and close?
The IPO opens September 23, 2025 and closes September 25, 2025.
-
What is the price band and lot size?
₹333 to ₹351 per share, with a minimum lot size of 42 shares.
-
What is the total issue size of Solarworld Energy Solutions IPO?
Approximately ₹490 crore, consisting of a fresh issue and an offer for sale.
-
Approximately ₹490 crore, consisting of a fresh issue and an offer for sale.
On BSE and NSE, expected around September 30, 2025
-
What are the main business areas?
Solar EPC, solar module manufacturing and energy storage systems.
-
How will the Solarworld Energy Solutions IPO proceeds be used?
To fund a solar cell manufacturing subsidiary and general corporate purposes
-
What is the company’s market position?
A leading solar EPC company with substantial growth plans aligned with India’s 500 GW renewable target.
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