Solarium Green IPO off to decent start; subscription rises 24%, GMP up 8%

Solarium Green Energy IPO will remain available for public subscription till February 10, 2025. Check price band, lot size, subscription status, GMP, allotment, listing date and more

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The initial public offering (IPO) of Solarium Green Energy, which opened for public subscription today, has received a decent response from investors so far. The Rs 105.04 crore offering, available at a price band of Rs 181-191 per share with a lot size of 600 shares, has been subscribed 24 per cent as of 12:54 PM on Thursday, February 6, 2025.

 

Meanwhile, unlisted shares of Solarium Green Energy were commanding a decent premium in the grey market. Sources tracking grey market activity revealed that the company's shares were trading at approximately Rs 206 apiece, reflecting a GMP (grey market premium) of Rs 15 or 7.85 per cent over the upper price band.

 

Solarium Green Energy IPO comprises a fresh issue of 54,99,600 equity shares.  The SME offering will remain open for public subscription until Monday, February 10, 2025.

 

Investors can bid for a minimum of 600 shares and in multiples thereof. A retail investor requires a minimum of Rs 1,14,600 to bid for one lot (600 shares), whereas high-net-worth individuals (HNIs) need to bid for at least two lots (1,200 shares), amounting to Rs 2,29,200.

 

The basis of allotment for Solarium Green Energy IPO shares is tentatively scheduled to be finalized on Tuesday, February 11, 2025. Successful allottees will receive their shares by Wednesday, February 12, 2025.

 

Shares of Solarium Green Energy are expected to be listed on the BSE SME platform tentatively by Thursday, February 13, 2025.

 

The company had raised Rs 29.85 crore from anchor investors through a bidding process that concluded on February 3, 2025, ahead of the public subscription opening.

 

Link Intime India is the registrar for the issue, while Beeline Capital Advisors is acting as the sole book-running lead manager.

 

According to its Red Herring Prospectus (RHP), Solarium Green Energy proposes to utilise the net proceeds from the fresh issue towards meeting working capital requirements and general corporate purposes.

 

Solarium Green Energy provides turnkey solar solutions, including design, engineering, procurement and supply, construction and erection, testing, commissioning, associated transmission systems, and comprehensive operation and maintenance (O&M) of solar power plants. The company serves a wide range of projects, including residential rooftop installations, commercial and industrial (C&I) rooftop and ground-mounted projects, as well as government projects.

 

In addition to turnkey solutions, Solarium Green Energy is also involved in the sale of solar products, such as solar PV (photovoltaic) modules, solar PV inverters, availability-based tariff meters (ABT), and other solar-related equipment.