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Solar solutions provider Solarium Green Energy announced on Wednesday that it has received approval from the Bombay Stock Exchange (BSE) for its draft red herring prospectus (DRHP), moving closer to its plans to go public in India.
The company submitted its DRHP in September and plans to issue 55 lakh equity shares, each with a face value of ₹10. Beeline Capital Advisors will act as the Book Running Lead Manager, and Link Intime India will serve as the Registrar for the issue.
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Per the DRHP, the IPO proceeds will be used for general corporate purposes and to meet working capital needs.
About Solarium Green Energy
Founded in 2018 by Ankit Garg, Solarium Green Energy has been self-funded since its inception and has not raised any equity funding. The company provides solar solutions like design, engineering, and operation and maintenance services, serving residential, commercial, industrial, and government clients. Its projects include rooftop systems, ground-mounted installations, solar trees, carports, solar wind hybrids, and energy storage solutions.
For the fiscal year ending March 31, 2024, Solarium reported a revenue of ₹177.80 crore, up from ₹98.92 crore the previous year, and a profit after tax (PAT) of ₹15.59 crore, compared to ₹1.74 crore in 2023.
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