Home News Insolation Energy Limited IPO on BSE’s SME opens on 26ᵗʰSeptember Intends to raise Rs 22.16 crores

Insolation Energy Limited IPO on BSE’s SME opens on 26ᵗʰSeptember Intends to raise Rs 22.16 crores

by Our Corresspondent - Sep 23, 2022
Insolation Energy Limited IPO on BSE’s SME opens on 26ᵗʰSeptember  Intends to raise Rs 22.16 crores, News, KonexioNetwork.com

Mumbai : Insolation Energy Limited, a leading solar PV panel manufacturer of Rajasthan, is entering the market with its IPO for Rs. 22.16 crore. The issue opens on 26th September 2022 and closes on 29th September 2022 and will subsequently be listed on BSE’s SME platform. 

The company intends to raise upto Rs 22.16 crores by issue of 58,32,000 shares which are priced from Rs 36 to Rs 38 per share and will be sold in lots of 3000 shares. The HNI portion is 27,69,000 shares, which is 50% of the net issue shares. The remaining 50%, which is 27,69,000 is the Retail Investor portion. The lead managers to the issue are Holani Consultants Pvt. Ltd, leading merchant banking company of Rajasthan and the registrar to the issue is Bigshare Services Pvt. Ltd. 

Manish Gupta and Vikas Jain are the promoters of the company.

Out of Rs 22.16 crores to be raised, Rs 15.45 crores will be used to fulfil the company’s working capital requirement and Rs 6.71 will be utilised for general corporate purposes and meeting issue expenses.  

Chairman of Insolation Energy Limited, Mr Manish Gupta, said, “Insolation Energy is the first company from Renewal Energy Sector from Rajasthan which is going to launch its IPO on the BSE SME segment. For 2022-2023, the company will require a working capital of about Rs 50.34 crore, out of which Rs 34.88 crore has been arranged from banks and internal accruals while the remaining Rs 15.45 crore will be raised through IPO. The company is currently manufacturing solar panels with a rated capacity of 200MW and produces about 30,000 solar panels every month distributed in Rajasthan, Uttar Pradesh, Haryana, Delhi and Gujarat. It is marketed through 400 dealers and distributors.” 

Managing Director of Insolation Energy Limited, Mr. Vikas Jain said “Insolation Energy will open its new factory in the coming two three months with the manufacturing capacity of 500MW in which large panels will be made with highly technical machines in its wholly owned Subsidiary Company. The company sells solar panels, battery and inverters under the brand name INA and its products are recognised by international standards (BSI and ALMM).”

The company had registered a revenue of Rs 215.53 crore and a net profit of Rs 6.93 crores in the fiscal year 2021-22. 

Director of Holani Consultants Pvt Ltd, Lead Managers to Issue, Mr. Ashok Holani said IPO of Insolation Energy Limited prospectus are promising seeing the strong and growing demands of generation of electricity from Solar Energy. He further said that Issue is attractively priced at a P/E Multiple of 8.22 on FY 22 EPS i.e. 4.62 at a price of Rs.38/- being upper band of price.