Solarworld Energy Solutions has successfully raised approximately ₹110 crore in a pre-IPO funding round. Key investors include ValueQuest Investment Advisors, along with several prominent funds and individual backers. This strategic funding has allowed the company to scale back its planned Initial Public Offering (IPO) from ₹550 crore to ₹440 crore.
Key Details of the Pre-IPO Round
On November 21, Solarworld allotted 31.24 lakh shares to investors at a price of ₹352.05 per share, raising a total of ₹109.99 crore. The investor lineup includes:
- ValueQuest Scale Fund
- VQfastercap Fund
- Several individual investors
IPO Adjustments and SEBI Filing
Initially, Solarworld filed papers with SEBI in September 2024, aiming to raise ₹600 crore. This included ₹550 crore from fresh equity issuance and ₹50 crore via an Offer for Sale (OFS) by its promoter, Pioneer Facor IT Infradevelopers. However, with the pre-IPO funding secured, the company revised its fresh equity component to ₹440 crore.
Utilization of Funds
The capital raised will primarily support:
- Investment in Solarworld’s subsidiary, Kartik Solarworld
- Financing a 1.2 GW Solar PV TopCon manufacturing facility in Madhya Pradesh
- General corporate purposes
Solarworld’s Market Presence
Solarworld Energy Solutions specializes in solar power engineering, procurement, and construction (EPC) services. As of August 31, 2024, the company has successfully completed projects with a total capacity of:
- 253.67 MW AC / 336.17 MW DC
Additionally, the company is actively working on projects with a capacity of:
- 420 MW AC / 592 MW DC
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