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Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6

EntrackrEntrackr · 1y ago
Solarium Green Energy's Rs 105 Cr SME IPO opens on Feb 6
Medial

Turnkey solar solutions provider Solarium Green Energy is set to launch its SME initial public offering (IPO) on February 6, 2025, aiming to raise Rs 105.04 crore (approximately $12.5 million). According to the press release, the IPO comprises 55,00,000 shares with a face value of Rs 10 each, priced in the range of Rs 181-191 per share. The lot size for the IPO is 600 equity shares, requiring a minimum investment of Rs 1,41,600 for investors looking to participate. 46% of the total share allocation (26,05,000 shares) is reserved for Qualified Institutional Buyers. High Net-Worth Individuals (HNIs) will receive 7,82,400 equity shares, while market makers will be allocated 2,86,8000 shares. Retail investors will account for 33.17% of the total share allocation. The IPO issue will be open from 06th February to 10th February. According to the company, the net proceeds from the IPO will be utilized to meet working capital requirements and to address general corporate purposes. Founded by Ankit Garg, Solarium Green Energy Limited specializes in turnkey solar solutions. It offers services such as design, engineering, procurement, testing, installation, commissioning, and comprehensive operation and maintenance (O&M). The company claims to have executed 11,195 residential rooftop projects, 172 commercial and industrial (C&I) projects, and 17 government projects during April 2021 to September 2024. Solarium has reported a revenue of Rs 177.80 crore with net profits of Rs 15.59 crore during the fiscal year ended March 2024. Meanwhile, in H1FY25 (the first half of the ongoing fiscal), its revenue was recorded at Rs 81.99 crore with net profits of Rs 7.55 crore. The firm achieved this growth without any venture or institutional funding. Solarium, which competes with Zunroof, SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy, has become the first company from the Indian startup ecosystem to launch an SME IPO in 2025. Last year, Trust Fintech, TAC Security, and Menhood also went public through the SME route.

FabHotels parent Travelstack Tech gets SEBI green light for IPO

EntrackrEntrackr · 2d ago
FabHotels parent Travelstack Tech gets SEBI green light for IPO
Medial

FabHotels parent Travelstack Tech gets SEBI green light for IPO Budget hospitality chain FabHotels has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The Bengaluru-based company joins the list of firms such as Leap India, Turtlemint, Molbio, and Infra.Market that have received the regulator’s green light for their IPOs. According to SEBI’s latest update, Travelstack Tech has secured the regulator’s observation letter, allowing the company to proceed with its proposed public issue. The Goldman Sachs-backed company had filed its draft red herring prospectus (DRHP) in December last year. As per the DRHP, the IPO will comprise a fresh issue of equity shares worth Rs 250 crore, along with an offer for sale (OFS) of up to 2.68 crore equity shares by existing shareholders. The OFS component will see partial stake sales by several early investors including Accel, Goldman Sachs, Qualcomm, and angel investor Anupam Mittal. Its founders Vaibhav Aggarwal and Adarsh Manpuria, are also expected to offload a portion of their holdings as part of the offer for sale. Through the fresh issue, the company plans to raise capital primarily for working capital requirements, repayment of certain borrowings, and general corporate purposes. The IPO will be managed by Motilal Oswal, IIFL Capital and Nuvama while MUFG Intime will act as registrar. As per the DRHP, Accel India is the largest external stakeholder with 21.75% followed by Qualcomm Asia which holds 8% stake. Meanwhile, Vaibhav Aggarwal owns 19.20% of the 12-year-old company. Founded in 2014 by Aggarwal and Adarsh Manpuria, FabHotels operates over 1,300 properties across more than 50 major Indian cities, including Mumbai, NCR, Bengaluru, and Goa. As per the DRHP, FabHotels reported operating revenue of Rs 400 crore in the first half of the ongoing fiscal year (H1 FY26) with net profits of Rs 32 crore during the six months period ending September 2025.

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