The IPO is priced in the range of Rs 333 to Rs 351 per share and includes a fresh issue worth Rs 440 crore, along with an offer-for-sale (OFS) component of Rs 50 crore.
Solarworld Energy Solutions IPO Subscription Status:
By the close of Day 2, the IPO had achieved a total subscription of 4 times, based on stock exchange data.– Retail Individual Investors (RIIs): The retail segment is heavily oversubscribed, with 13.64 times demand against the 14.71 lakh shares allocated.
– Non-Institutional Investors (NIIs): This category, which includes high-net-worth individuals, has subscribed 5.53 times the 22.07 lakh shares available.
– Qualified Institutional Buyers (QIBs): Institutional investors have shown limited interest so far, subscribing only 2% of their allotted 44.14 lakh shares.
Solarworld Energy Solutions IPO GMP Today:
The IPO is trading at a grey market premium (GMP) of approximately 14%, indicating measured investor optimism about the stock’s performance on listing day.
Note: The grey market premium is an unofficial indicator of demand for the stock before its official listing. As GMP values are determined in an unregulated and unlisted market, they can vary significantly and should be interpreted cautiously.
Issue Details and Important Dates
Solarworld Energy Solutions’ IPO is priced between Rs 333 and Rs 351 per share. The offer includes a fresh issue worth Rs 440 crore and an offer-for-sale (OFS) of Rs 50 crore. The subscription window closes today, Thursday, September 25, 2025. The tentative allotment date is Friday, September 26, 2025, with the expected listing scheduled for Tuesday, September 30, 2025.
Company Overview
Solarworld Energy Solutions specializes in providing comprehensive engineering, procurement, and construction (EPC) services for solar power projects. Its clientele spans public sector undertakings (PSUs) and commercial and industrial customers, including notable names such as SJVN Green Energy, Haldiram Snacks, and NTPC REL.
As of July 2025, the company has completed solar projects totaling 253.67 MW AC and is currently executing projects with a combined capacity of 765 MW AC, alongside battery energy storage systems totaling 325 MW/650 MWh.
Financial Highlights
For the fiscal year 2025, Solarworld reported revenues of Rs 545 crore, marking an increase from Rs 501 crore in FY24. The company’s consolidated profit after tax surged 49% year-on-year to Rs 77 crore, demonstrating strong financial performance.
Margin Expansion and Business Model
The company saw a significant improvement in its EBITDA margins, rising to 20.1% from 13.7% in the previous fiscal year. Operating on an asset-light CAPEX model, Solarworld benefits from high asset turnover and enhanced operational flexibility.
Use of IPO Proceeds and Shareholding Structure
Proceeds from the IPO will primarily be used to fund investments in subsidiary Kartik Solarworld, partly financing the Pandhurana project, along with general corporate purposes. Post-IPO, the promoter’s shareholding is expected to decline from 78.7% pre-issue to 65.7%.
At the upper price band, the issue is valued at a post-issue price-to-earnings (P/E) ratio of 39.6x based on FY25 annualized earnings.
Should You Invest?
Analysts observed that although valuations seem fully priced amid a competitive EPC market, Solarworld’s robust order book worth Rs 1,700 crore, diversified client portfolio, and planned ventures into solar module manufacturing and battery storage offer promising long-term growth prospects.
Anand Rathi Research has issued a “Subscribe for Long Term” rating, highlighting: “India’s solar sector growth is primarily fueled by strong government backing through consistent and aggressive tendering. Solarworld is well-positioned to capitalize on this momentum and generate profitable returns over the long haul.”
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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