Solarworld Energy IPO opens today: Should you bid? Here's what analysts say

Solarworld Energy Solutions IPO: The initial public offering (IPO) of solar energy solution provider Solarworld Energy Solutions opened for subscription today, September 23, 2025. The upper end of the price band of ₹333 to ₹351, the company aims to raise ₹490 crore. The mainline offering comprises a fresh issue of ₹12.5 million, amounting to ₹440 crore and an offer for sale (OFS) of 1.4 million equity shares amounting to ₹50 crore. 

 

The mainline offering will close for bidding on Thursday, September 25. Investors can bid for a minimum of one lot comprising 42 shares. At the upper end price, a retail investor would require a minimum investment amount of ₹14,742.  

 

 

MUFG Intime India is the registrar of the issue. Nuvama Institutional Equities and SBI Capital Markets are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company plans to utilise the net fresh issue proceeds for investment in the subsidiary, KSPL, for part-financing the establishment of the Pandhurana Project. The remaining funds will be used for general corporate purposes.

 

On September 22, 2025, Solarworld Energy Solutions raised ₹220.5 crore from anchor investors ahead of its initial share-sale opening for public subscription. As per the circular on BSE, the company has allotted 6.28 million equity shares to 15 funds at ₹351 per share. 

 

Pinebridge Global Funds, Motilal Oswal Mutual Fund (MF), Singularity Equity I, VQ Fastercap Fund II, Citigroup Global Markets Mauritius and BNP Paribas Financial Markets are among the anchor investors that participated in the anchor book.  

Here's what the analysts suggest:

Anand Rathi Research - Subscribe

According to analysts at Anand Rathi Research, the company operates within a highly competitive and fragmented market landscape. The growth of the solar sector in India is predominantly driven by strong government support, evidenced by an aggressive and sustained tendering approach; therefore, the company would capitalise on profitability in the long run.

 

"On the valuation front, based on annualised FY25 earnings, the company is seeking a P/E of 39.6 times, and a post-issue market capitalisation of approximately ₹3,042.2 crore, making the issue appear to be fully priced," the brokerage said in a note. 

 

Anand Rathi Research has assigned a 'Subscribe for long term' rating for the issue. 

Solarworld Energy Solutions IPO GMP

The unlisted shares of Solarworld Energy were trading at ₹416, up ₹65 or 18.5 per cent from the issue price of ₹351, according to the sources tracking unofficial markets. 

About Solarworld Energy Solutions

Incorporated in 2013, Solarworld Energy Solutions is a solar energy solutions provider specialising in engineering, procurement, and construction (EPC) services. It provides comprehensive, end-to-end solutions tailored to public sector undertakings (PSUs) and commercial and industrial (C&I) clients. 

 

The company’s operational capabilities include completed projects with an aggregate capacity of 253.67 MW AC (336.17 MW DC) and ongoing projects with capacities of

765 MW AC (994 MW DC) for EPC services, alongside 325 MW / 650 MWh for battery energy storage systems (BESS) as of July 31, 2025

 

The company offers operations and maintenance (O&M) services under both the CAPEX and RESCO models, tailored to customer requirements. Its customer mix includes key customers such as SJVN Green Energy, Haldiram Snacks, Ethnic Food Manufacturing and Samiksha Solarworld.