- Powered by Gujarat projects, Bhuj expansion, strong R&D and global growth ambitions
- Price Band: ₹333 – ₹351 per equity share (face value ₹5)
- Minimum Bid Lot: 42 equity shares and multiples thereof
- Anchor Investor Bidding Date: Monday, September 22, 2025.
NE BUSINESS BUREAU
AHMEDABAD, SEPT 19
Uttar Pradesh-based Solarworld Energy Solutions Limited, a leading player in India’s renewable energy sector, on Friday announced it will open its Initial Public Offering (IPO) on Tuesday, September 23, 2025, closing on Thursday, September 25, 2025. The Anchor Investor Bidding Date is Monday, September 22, 2025.
The IPO, aggregating up to ₹490 crore, consists of a fresh issue of ₹440 crore and an Offer for Sale of ₹50 crore by Promoter Selling Shareholder, Pioneer Facor IT Infradevelopers Private Limited.
Price Band and Lot Size
The company has fixed a price band of ₹333 – ₹351 per share for its upcoming ₹490-crore initial public offering (IPO). The minimum lot size is 42 shares, and applications can be made in multiples thereof.
Gujarat & Bhuj Projects – Key Growth Drivers
Solarworld has established a strong Gujarat footprint through manufacturing and EPC projects:
- Bhuj/Kutch Project (360 MW):
- Awarded by SJVN Green Energy Ltd (SGEL) under Gujarat Urja Vikas Nigam Limited (GUVNL) bidding.
- Scope: Full Balance of System (BoS) including design, engineering, land development, civil & electrical works, transmission (220 kV switchyard), erection, testing, commissioning, and O&M for 3 years.
- Expected generation: ~902 million units annually; ~21,244 million units over 25 years.
- Carbon offset: ~1.04 million tonnes over project life.
- Gujarat Operations:
- Ahmedabad HQ with advanced module assembly lines.
- R&D Centre, Gandhinagar – driving innovation in TopCon, HJT, Bifacial modules.
- Additional state-level partnerships for distributed solar solutions and rooftop programmes.
Project Portfolio Snapshot
| Region | Key Projects | Capacity / Scope | Highlights |
| Gujarat (Bhuj/Kutch) | 360 MW Solar PV with SGEL (BoS contract) | ~902 MU generation in Year 1 | Carbon offset >1 million tonnes |
| Gujarat (Ahmedabad/Gandhinagar) | Module assembly & R&D centre | 600 MW+ module capacity, R&D on TopCon/HJT | Hub for innovation and patents |
| Madhya Pradesh (Pandhurana) | Upcoming 1.2 GW TopCon Solar Cell manufacturing facility via KSPL | Largest capacity addition in Solarworld’s plan | To be partly financed from IPO proceeds |
| Exports (Europe, Africa, SE Asia) | Module supply contracts & EPC partnerships | ~22% of FY25 revenues | Targeting 30% revenue share in 3 years |
Financial Highlights
- FY 2024–25 Revenue: ₹1,150 crore
- Net Profit: ₹165 crore
- EBITDA Margin: 14.8%
- 3-Year CAGR (Revenue): 18%
IPO Proceeds – Utilisation
The Company will deploy the fresh issue proceeds for:
- Investment in subsidiary Kartik Solarworld Pvt Ltd (KSPL) for the 1.2 GW TopCon Cell Plant in Pandhurana, MP
- Expansion of Gujarat (Bhuj & module operations)
- Strengthening R&D base in Gandhinagar
- General corporate purposes
Company profile
Established in 2013, Solarworld Energy Solutions specialises in engineering, procurement, and construction (EPC) of solar power projects. The company serves public sector undertakings (PSUs) and commercial and industrial clients. Notable clients include SJVN Green Energy Limited, Ethnic Food Manufacturing Private Limited, Haldiram Snacks Private Limited, and Samiksha Solarworld Private Limited.
Share allocation
The company said that 75 percent of the offer size has been earmarked for qualified institutional buyers, 15 percent for non-institutional investors and the remaining 10 percent for retail investors.
Listing & BRLMs
- Proposed listing on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
- Book Running Lead Managers (BRLMs):
- Nuvama Wealth Management Limited
- SBI Capital Markets Limited
