Solarworld Energy Solutions Secured Rs 110 cr in Pre-IPO Placement

Solarworld Energy Solutions raised around Rs 110 crore in a pre-IPO funding round from investors, including ValueQuest Investment Advisors. As a result, the company has reduced the size of its planned IPO from Rs 550 crore to Rs 440 crore.

On November 21, Solarworld allotted 31.24 lakh shares to investors at Rs 352.05 each, totaling Rs 109.99 crore. Investors include Valuequest Scale Fund, VQfastercap Fund, and several individual investors.

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The company had filed papers with SEBI in September to raise Rs 600 crore through an IPO, which includes Rs 550 crore from new equity and Rs 50 crore from an offer-for-sale by its promoter, Pioneer Facor IT Infradevelopers.

Purpose of fund raising

The fresh funds will be used to invest in Solarworld's subsidiary, Kartik Solarworld, and help finance a 1.2 GW Solar PV TopCon manufacturing facility in Madhya Pradesh, along with general corporate purposes.

Solarworld Energy Solutions provides solar power engineering, procurement, and construction (EPC) services. By August 31, 2024, the company completed projects with a total capacity of 253.67 MW AC/336.17 MW DC and is working on projects totaling 420 MW AC/592 MW DC. Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are managing the issue.

About Solarworld Energy Solutions

Solarworld Energy Solutions is a leading renewable energy solutions provider in India, helping businesses transition to clean energy. It works with industry leaders like SGEL, Haldiram, and Moon Beverages.

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