Solarium IPO: SME issue subscribed 0.28 times on Day 1; check GMP, other details

The ₹105.05-crore initial public offering (IPO) of Solarium Green Energy was subscribed nearly 30% on the first day of bidding. The SME IPO, being offered at a price band of ₹181-191 per share, was trading a premium of ₹15 in the grey market, indicates an estimated listing price of ₹206, up 7.8% over issue price. The shares of Solarium Green will be listed on BSE SME on February 13, 2025.

The Solarium IPO was booked 0.28 times by 1:30 PM, led by 0.45 times subscription in the retail category. The public issue was subscribed 0.25 times in non-institutional investors’ (NII) category, while qualified institutional buyers (QIB) segment has not received any bidding so far.

The IPO of Solarium Green is entirely a fresh issue of 55.00 lakh shares and lot size for an application is 600. The minimum application amount for retail investors is ₹1,14,600 and that of high-net-worth investor (HNI) is 2 lots (1,200 shares) amounting to ₹2,29,200.

The company intends to use capital raised from the fresh equity to meet working capital requirements, and general corporate purposes.

Formed in 2015, Solarium Green Energy Limited is engaged in the business of Solar Solutions. Ankit Garg, and Pankaj Vallabhbhai Gothi are the promoters of the company, who holds 78.5% stake in the company.

The company provides turnkey solar solutions, including design, engineering, procurement, construction, testing, commissioning, transmission systems, and operation & maintenance for residential, commercial, industrial, and government solar projects.

Beeline Capital Advisors Pvt Ltd is the book running lead manager of the Solarium Green IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for Solarium Green IPO is Spread X Securities Private Limited.