NSE SME Solarium Green Energy rises on listing day

The scrip was listed at 202, up 5.76% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 212.10 and a low of Rs 202. About 21.04 lakh shares of the company changed hands at the counter.

Solarium Green Energy's IPO was subscribed 8.28 times. The issue opened for bidding on 6 February 2025, and it closed on 10 February 2025. The price band of the IPO was set at Rs 181 to Rs 191 per share.

The IPO comprised a fresh issue of 39,36,600 shares. The company intends to utilize the net proceeds for working capital requirements and for general corporate purposes.

Ahead of the IPO, Solarium Green Energy on 5 February 2025, raised Rs 29.85 crore from anchor investors. The board allotted 15.63 lakh shares at Rs 90 per share to 15 anchor investors.

Solarium Green Energy provides turnkey solar solutions, including design, engineering, procurement, construction, testing, commissioning, transmission systems, and operation & maintenance for residential, commercial, industrial, and government solar projects. The company has completed 11,195 residential, 172 commercial and industrial, and 17 government solar projects in the past three years. As of 31 March 2024, the company had 205 employees.

The company recorded revenue from operations of Rs 177.39 crore and net profit of Rs 15.58 crore for the period as on 31 March 2024.