Solarworld Energy Solutions Raises INR 110 Cr in Pre-IPO Placement The solar energy solutions provider issued 31.24 lakh shares at INR 352.05 apiece on November 21, aggregating the transaction value to INR 109.99 crore. Key investors include Valuequest Scale Fund, VQfastercap Fund, and other individual investors.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Solarworld Energy Solutions has successfully raised INR 110 crore in a pre-IPO placement round, securing funds from investors including ValueQuest Investment Advisors.

The solar energy solutions provider issued 31.24 lakh shares at INR 352.05 apiece on November 21, aggregating the transaction value to INR 109.99 crore. Key investors include Valuequest Scale Fund, VQfastercap Fund, and other individual investors.

This pre-IPO round has reduced the fresh issue component of Solarworld's upcoming IPO to INR 440 crore from the earlier INR 550 crore. The total IPO size, as outlined in the company's draft red herring prospectus (DRHP) filed with SEBI in September, stands at INR 600 crore.

The offering comprises a fresh issuance of equity shares worth INR 440 crore and an offer-for-sale of INR 50 crore by promoter Pioneer Facor IT Infradevelopers.

The proceeds from the fresh issue will fund strategic initiatives, including an INR 420 crore investment in the company's subsidiary, Kartik Solarworld. This capital will partially finance the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, with additional funds earmarked for corporate purposes.

Solarworld Energy Solutions, a leading provider of engineering, procurement, and construction services for solar projects, has achieved significant milestones. As of August 31, 2024, the company completed solar projects with a capacity of 253.67 MW AC/336.17 MW DC and is currently working on projects with a cumulative capacity of 420 MW AC/592 MW DC.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers for the IPO. Solarworld's strategic plans and robust project pipeline position it as a key player in India's renewable energy sector.
Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.

Most Popular

See all
Leadership

I'm a Leadership Coach — Here's the One Mental Exercise Every CEO Needs to Try When They're Feeling Drained

Here's a simple, powerful exercise to help leaders refill their own "container" and cultivate self-care, resilience and compassion for themselves and others.

By Tugba Yanaz
Business Ideas

Is Your Business Healthy? Why Every Entrepreneur Needs To Do These 3 Checkups Every Year

You can't plan for the new year until you complete these checkups.

By Scott Snider
Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.

By Dan Bova
Leadership

The End of Bureaucracy — How Leadership Must Evolve in the Age of Artificial Intelligence

What if bureaucracy, the very system designed to maintain order, is now the greatest obstacle to progress?

By Alex Goryachev
Marketing

5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

By Yasin Altaf
Science & Technology

This AI is the Key to Unlocking Explosive Sales Growth in 2025

Tired of the hustle? Discover a free, hidden AI from Google that helped me double sales and triple leads in a month. Learn how this tool can analyze campaigns and uncover insights most marketers miss.

By Ben Angel