Solarium Green Energy, a turnkey solar solutions provider, is set to launch its SME initial public offering (IPO) on February 6, 2025, with a target of raising Rs. 105.04 crore (approximately $12.5 million).

As per the company’s press release, the IPO will consist of 55,00,000 shares, each with a face value of Rs. 10, and will be priced between Rs. 181 to Rs. 191 per share. The minimum investment required is Rs. 1,41,600, with a lot size of 600 equity shares.

Of the total allocation, 46% (26,05,000 shares) is reserved for Qualified Institutional Buyers (QIBs). High Net-Worth Individuals (HNIs) will receive 7,82,400 shares, while market makers will be allotted 2,86,800 shares. Retail investors will account for 33.17% of the total allocation.

The IPO will remain open for subscription from February 6 to February 10, 2025. The company plans to utilize the net proceeds for working capital needs and general corporate purposes.

Founded in 2018 by Ankit Garg, Solarium Green Energy specializes in turnkey solar solutions, providing services including design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M).

Between April 2021 and September 2024, the company claims to have completed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects.

For the fiscal year ending March 2024, Solarium reported revenue of Rs. 177.80 crore with a net profit of Rs. 15.59 crore. In the first half of FY25, the company recorded Rs. 81.99 crore in revenue and Rs. 7.55 crore in net profit.