Solvant Renewables Limited
Renewable Energy · Mainboard IPO
Last updated 2026-08-01 18:30 IST
Key details
- Price band
- Rs 96 – 102
- Face value
- Rs 10
- Lot size
- 147 shares
- Minimum investment
- Rs 14,994
- Issue size
- Rs 1,650 Cr
- Fresh issue
- Rs 1,350 Cr
- Offer for sale
- Rs 300 Cr
- Employee discount
- Not offered
- Retail quota
- 35% of the issue
- Registrar
- Link Intime India Private Limited
- Exchanges
- BSE, NSE
- Opening date
- 12 Aug 2026
- Closing date
- 14 Aug 2026
- Allotment date
- 18 Aug 2026
- Listing date
- 20 Aug 2026
Explain this IPO simply
The same information as the prospectus, written the way you would explain it to a friend.
What the company does
Solvant Renewables builds and operates solar power plants and sells the electricity to state distribution companies and industrial buyers under long-term agreements.
How it earns money
Electricity is sold at a fixed rate agreed for 20 to 25 years, which makes revenue predictable but slow to grow.
Why it is launching an IPO
Funds will mainly repay project loans and part-finance two new solar parks.
Where the IPO money will be used
Repayment of project borrowings (52%), Capital expenditure on new solar parks (24%), General corporate purposes (6%), Offer for sale to selling shareholders (18%).
Major strengths
Long-term power agreements, Operating cash flow is positive.
Major risks
High debt levels, Payment delays from distribution companies, Regulatory and tariff dependence.
Clarity score: 64 / 100
What this score means
Financial performance
Revenue moved from Rs 1,420 Cr in FY2023 to Rs 1,810 Cr in FY2025. Profit after tax over the same period moved from Rs 96 Cr to Rs 143 Cr. These are past figures only and are not a forecast.
Potential strengths
Long-term power agreements
Most capacity is contracted for 20 years or more, giving visibility on revenue.
Source: RHP, Our Business, page 118
Operating cash flow is positive
The company reported positive cash from operations in all three years disclosed.
Source: RHP, Restated Financials, page 224
Potential risks
High debt levels
Project borrowings of Rs 3,180 crore are large compared with net worth.
Source: RHP, Financial Indebtedness, page 271
Payment delays from distribution companies
Receivables from state utilities have historically taken time to collect.
Source: RHP, Risk Factors, page 38
Regulatory and tariff dependence
Changes in power policy or tariffs can affect earnings.
Source: RHP, Risk Factors, page 44
Use of IPO funds
Money marked as going to selling shareholders does not reach the company.
Valuation
- 28.6
- 2.2
- Earnings per share
- 3.57
- Return on net worth
- 8.1%
- Net asset value
- 46.4
Peer comparison
| Company | P/E | RoNW |
|---|---|---|
| Suryodaya Power | 31.2 | 9.4% |
| Greenwatt Energy | Data unavailable | Data unavailable |
Peer data is incomplete
Subscription status
Subscription has not started
Live category-wise subscription figures appear here once the issue opens and the exchanges publish data.
Grey market premium
Unofficial and unregulated
- Current GMP
- Rs 9
- Previous GMP
- Rs 7
- Indicative level only
- Rs 111
Updated 2026-08-01 18:30 IST. Source: unofficial dealer chatter, not an exchange or regulator.
Important documents
IPO timeline
IPO opens
12 Aug 2026
First day you can apply.
IPO closes
14 Aug 2026
Last day to apply, usually by evening.
Allotment
18 Aug 2026
Who gets shares is decided.
Refund / unblock
19 Aug 2026
Blocked money is released if you did not get shares.
Shares in demat
19 Aug 2026
Allotted shares reach your demat account.
Listing day
20 Aug 2026
Shares start trading on the exchange.
Frequently asked questions
Where this information comes from
- Last updated
- 2026-08-01 18:30 IST
- Last verified
- 2026-07-31
- Primary source
- DRHP filed with SEBI
- Secondary source
- Company investor presentation