Solarworld Energy Solutions Files for Rs 600 Crore IPO to Expand Solar PV Facility

Solarworld Energy Solutions has submitted preliminary documents to SEBI for an IPO worth Rs 600 crore. The IPO comprises of Rs 550 crore in new equity shares and a Rs 50 crore offer-for-sale by Pioneer Facor IT Infradevelopers. Funds will support a new solar PV facility and general corporate activities.

Solarworld Energy Solutions, a leading solar energy solutions provider, has taken a significant step towards expanding its operations by filing preliminary documents with the capital markets regulator SEBI. The company aims to raise Rs 600 crore through an initial public offering (IPO).

The IPO includes the fresh issuance of equity shares worth Rs 550 crore and an offer-for-sale of shares valued at Rs 50 crore by its promoter, Pioneer Facor IT Infradevelopers. This information was disclosed in the draft red herring prospectus (DRHP) filed on Sunday.

The company plans to use Rs 420 crore from the fresh issue proceeds to invest in its subsidiary, Kartik Solarworld, and part-finance the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh. The remaining funds will be allocated for general corporate purposes, stated the official documents.

(With inputs from agencies.)