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Solar solutions provider Solarium Green Energy on Wednesday said it has received approval from the Bombay Stock Exchange (BSE) for its draft red herring prospectus (DRHP), marking the company’s next step in its road to list on Indian public bourses.

The company filed its DRHP in September and intends to issue 55 lakh equity shares, each with a face value of Rs 10.

Founded in 2018 by Ankit Garg, Solarium has been bootstrapped since its inception and has not raised any equity funding till now. The company provides a range of services in solar solutions ranging from design, engineering, and operation and maintenance (O&M), among others.

For the fiscal year ending March 31, 2024, Solarium reported a revenue of Rs 177.80 crore, compared to a revenue of Rs 98.92 crore in the previous year.

Additionally, the company also reported profit after tax (PAT) of Rs 15.59 crore during the period compared to Rs 1.74 crore in 2023.

According to the DRHP, the company intends to use the proceeds from the IPO for general corporate purposes and to meet its working capital requirements.

As of August this year, the company was managing 41 ongoing projects worth Rs 165.29 crore and as of September, new tenders under bidding totalled Rs 252.86 crore.

Beeline Capital Advisors Private Limited has been appointed as the book running lead manager to the IPO, while Link Intime India Private Limited will serve as the registrar to the issue.

The listing comes amidst a rush of solar companies listing on Indian public bourses this year as government schemes and international expansion has helped boost activity in the sector. Most recently, solar module manufacturer Waaree Energies listed on Indian stock exchanges.

Moreover, more solar IPOs are in the pipeline with Vikram Solar having filed its draft papers for a Rs 1,500 crore along with Solarworld Energy and Satvik Green Energy.