Solarworld Energy Solutions Ltd.

Solarworld Energy Solutions Ltd is essentially a provider of solar energy solutions to clients. Its focus is on the Engineering, Procurement, and Construction (EPC) services for solar power projects. The company offers 2 models. In the first model, the customer owns the project and undertakes the capex. In the second model (an asset-light model), customers can avail an off-the-shelf solution without any upfront investment, boost the ROE.  

The IPO is a combination of fresh issue and OFS. Fresh funds will be used for investing in its subsidiary to part-finance the Pandhurana project. Solarworld Energy Solutions Ltd was promoted by Kartik Teltia, Rishabh Jain, Mangal Teltia, Sushil Jain, Anita Jain, and the Pioneer group. The IPO will be lead-managed by Nuvama and SBI Caps; while MUFG Intime India Private Ltd will be the registrar. The company is headquartered at New Delhi. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Solarworld Energy Solutions Ltd. 

1. The IPO of will be open from September 23rd, 2025 to September 25th, 2025. It has a face value of ₹5 per share and IPO price band is set in range of ₹333 to ₹351 per share.
2. The IPO of Solarworld Energy Solutions Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
3. The fresh issue portion comprises the issue of 1,25,35,612 shares (125.36 lakh shares), which at the upper price band of ₹351 per share translates into ₹440 crore.
4. The OFS of the IPO comprises the sale of 14,24,501 shares (14.25 lakh shares), which at the upper price band of ₹351 per share translates into ₹50 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 1,39,60,113 shares (139.60 lakh shares) worth ₹490 crore at the upper band price of ₹351 per share. 

The IPO of Solarworld Energy Solutions Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Solarworld Energy Solutions Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Solarworld Energy Solutions Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 42 shares) 

Financial Highlights

The table captures the key financials of Solarworld Energy Solutions Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown steady sales growth even as PAT margins have improved to above 14%. However, the ROE has taken a hit on account of the expansion off the equity base in the latest year. That has also impacted the asset turnover ratio of the company. 

Valuation Metrics

At the current issue price of ₹351 per share, the valuation of the company is at a P/E ratio of 32.9X in terms of latest year EPS of ₹10.68. A lot will depend on the level at which the ROE stabilizes as that would determine if the growth can justify the high valuations. But the company does bring some other strengths to the table. 

The core business model of the company is largely in line with national priorities, so growth and government support to the sector is almost assured. The company offers a dual model so the clients have a wider choice as they can pick the model that best suits them and their ability to commit capital. However, this is a long-haul game, and investors must only look at this stock from a perspective of 2-3 years. 

A Brief on the Anchor Allocation

The anchor issue of Solarworld Energy Solutions Ltd saw a very strong response on 22nd September 2025 with 43.70% of the IPO size absorbed by anchors. Out of 1,43,75,143 shares (143.75 lakh shares) on offer, anchors picked up 62,82,051 shares (62.82 lakh shares) accounting for 43.70% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹351 per share. This includes the face value of ₹5 per share plus a share premium of ₹346 per share. The anchor bidding opened and closed on 22nd September 2025. 

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Solarworld Energy Solutions Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 22nd September 2025, Solarworld Energy Solutions Ltd allotted 62,82,051 shares to 15 anchor investors. The allocation was done at the upper IPO price band of ₹351 per share which resulted in overall anchor allocation of ₹220.50 crore. The anchors have already absorbed 43.70% of the total issue size of ₹504.57 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹189.50 crores, or, 85.94% of anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250922-57&attachedId=24209a38-be4e-4c68-8699-4df3e4559266 

Out of the 62,82,051 shares allocated to the anchors in the IPO, there were just 7,09,380 shares allocated to mutual funds registered with SEBI. The only mutual fund that participated was Motilal Oswal Large Cap Fund. Mutual funds accounted for 11.29% of the total anchor allocation of the IPO. Most of the other anchor shares were allocated to alternative investment funds (AIFs), FPIs and ODIs. 

Next Step in the IPO

Post the closure of the IPO subscription on 25th September 2025, the basis of allotment will be finalized on 26th September 2025 and the refunds will be initiated on 29th September 2025. In addition, the demat credits are expected to also happen on 29th September 2025 and the stock will list on 30th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2025 under ISIN (INE0TY101024). 

IPO Subscription Status On Day-1

As of 5.30 pm on 23rd September 2025, out of the 80.93 lakh shares on offer in the IPO (excluding anchor portion), Solarworld Energy Solutions Ltd saw bids for 99.32 lakh shares. This implies an overall subscription of 1.23X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Solarworld Energy Solutions Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.45 pm on 24th September 2025, out of the 80.93 lakh shares on offer in the IPO (excluding anchor portion), Solarworld Energy Solutions Ltd saw bids for 323.68 lakh shares. This implies an overall subscription of 4.00X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Solarworld Energy Solutions Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to September 25, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.40 pm on 25th September 2025, out of the 80.93 lakh shares on offer in the IPO (excluding anchor portion), Solarworld Energy Solutions Ltd saw bids for 5,260.96 lakh shares. This implies an overall subscription of 65.01X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Solarworld Energy Solutions Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO was open up to September 25, 2025, and the subscriptions have closed as of the close of trading on September 25, 2025. The above subscription table represents the updated status of the IPO as of the close as published by exchanges at 7.00 PM. These are the final subscription numbers for this IPO. 

About the Solarworld Energy Solution IPO

The IPO of Solarworld Energy Solutions Ltd opened on September 23rd, 2025 and closed on September 25th, 2025. The overall IPO comprised of a fresh issue and OFS of 1,43,75,143 shares (143.75 lakh shares) worth ₹504.57 crore at the upper price band of ₹351 per share. The allotment status will be finalized by end of day (EOD) of September 26, 2025. Here is how to check your allotment status for the IPO of Solarworld Energy Solutions Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Solarworld Energy Solutions Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Solarworld Energy Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select SOLARWORLD from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .AND. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Solarworld Energy Solutions Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.