Solarworld Energy Solutions Files Rs 600 Crore IPO

New Delhi, Sep 30 (PTI) Solar energy solutions provider Solarworld Energy Solutions has filed preliminary papers with capital markets regulator Sebi to garner Rs 600 crore through an initial public offering (IPO).

The IPO is a combination of fresh issuance of equity shares worth Rs 550 crore, and an offer-for-sale of shares valued Rs 50 crore by promoter Pioneer Facor IT Infradevelopers, according to the draft red herring prospectus (DRHP) filed on Sunday.

Proceeds from the fresh issue to the tune of Rs 420 crore 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, besides a portion will be utilised for general corporate purposes.

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

As on August 31, 2024, the company has completed projects with a total capacity of 253.67 megawatts (MW) AC/336.17 MW DC, and ongoing 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 to the issue.