SEBI Suspends Solar91 Cleantech IPO Over Financial Queries

The Securities and Exchange Board of India (SEBI) suspended the IPO of Solar91 Cleantech. This suspension will last until further notice. SEBI took this action after receiving media queries. The company’s IPO was set to open for bidding on December 24, 2024.

Solar91 Cleantech planned to raise Rs 106 crore through its IPO. The company provides EPC solutions for solar energy projects. Four IIT alumni founded it in 2015. The IPO was scheduled to close on December 27, 2024.

Concerns about the company’s rapid valuation increase surfaced on social media, prompting SEBI’s decision. The company’s shares traded at a premium in the grey market. SEBI determined these queries needed further examination.

Due to the investigation, SEBI postponed the IPO. The board aims to ensure accurate financial disclosures. Currently, the company’s promoters hold a 69.75% stake. Public shareholders possess the remaining 30.25%.

Solar91 Cleantech has commissioned 191 solar plants across India and Kenya. The company aims to expand its IPP portfolio. It plans to use IPO proceeds for solar plant development and working capital.

This suspension impacts the company’s market plans. The company intended to list its shares on the BSE SME platform. They set the listing date for January 1, 2025.