Solarworld Energy Solutions Limited has announced the opening of its Bid/Offer for its initial public offering (IPO) of equity shares on Tuesday, September 23, 2025. The total offer amounts to equity shares worth ₹4,900 million (₹490 crore). This includes a fresh issue of shares valued at ₹4,400 million (₹440 crore) and an Offer for Sale of shares worth ₹500 million (₹50 crore) by selling shareholders. Prior to this IPO, the company completed a pre-IPO placement of equity shares aggregating to ₹1,100 million on November 9, 2024.
The Anchor Investor Bidding Date is set for Monday, September 22, 2025. The subscription period for the IPO will run from Tuesday, September 23, 2025, to Thursday, September 25, 2025. The price band for the offer is fixed at ₹333 to ₹351 per equity share. Investors can place bids for a minimum of 42 equity shares and in multiples of 42 thereafter.
The net proceeds from the fresh issue and pre-IPO placement will be used to invest in the company’s subsidiary, Kartik Solarworld Private Limited, to partially fund the development of a 1.2 GW solar PV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh, known as the Pandhurana Project. Remaining funds will be allocated for general corporate purposes. The Offer for Sale consists of equity shares worth ₹500 million being sold by Pioneer Facor IT Infradevelopers Private Limited, the promoter selling shareholder.
Nuvama Wealth Management Limited and SBI Capital Markets Limited are acting as the Book Running Lead Managers for this IPO. The equity shares are being offered under a red herring prospectus dated September 17, 2025, filed with the Registrar of Companies, Delhi and Haryana, and are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.
The offer is being made in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules and Regulation 31 of SEBI’s ICDR Regulations through the Book Building Process under Regulation 6(2). At least 75 percent of the offer will be allocated to Qualified Institutional Buyers (QIBs), with up to 60 percent of this portion available to anchor investors. One-third of the anchor investor allocation is reserved for domestic mutual funds. Any unsubscribed shares from the anchor portion will be added back to the QIB portion.
Five percent of the net QIB portion is reserved exclusively for mutual funds, while the remaining will be allocated to all QIBs on a proportionate basis. Up to 15 percent of the offer is reserved for non-institutional investors, with one-third allocated to those bidding between ₹0.20 million and ₹1.00 million, and two-thirds for those bidding above ₹1.00 million. Up to 10 percent of the offer will be available for retail individual investors.
All bidders, except anchor investors, must participate through the Application Supported by Blocked Amount (ASBA) process using details of their ASBA accounts and UPI IDs where applicable. Anchor investors are not permitted to participate through the ASBA process. More details can be found under “Offer Procedure” in the red herring prospectus.
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