Sahaj Solar IPO is a book built issue of Rs 52.56 crores. The issue is entirely a fresh issue of 29.2 lakh shares.
Sahaj Solar IPO opens for subscription on July 11, 2024 and closes on July 15, 2024. The allotment for the Sahaj Solar IPO is expected to be finalized on Tuesday, July 16, 2024. Sahaj Solar IPO will list on NSE SME with tentative listing date fixed as Friday, July 19, 2024.
Sahaj Solar IPO price band is set at ₹171 to ₹180 per share. The minimum lot size for an application is 800 Shares. The minimum amount of investment required by retail investors is ₹144,000. The minimum lot size investment for HNI is 2 lots (1,600 shares) amounting to ₹288,000.
Kunvarji Finstock Pvt Ltd is the book running lead manager of the Sahaj Solar IPO, while Kfin Technologies Limited is the registrar for the issue. The market maker for Sahaj Solar IPO is Aftertrade Broking.
Refer to Sahaj Solar IPO RHP for detailed information.
Sahaj Solar IPO Details
| IPO Date | July 11, 2024 to July 15, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹171 to ₹180 per share |
| Lot Size | 800 Shares |
| Total Issue Size | 2,920,000 shares (aggregating up to ₹52.56 Cr) |
| Fresh Issue | 2,920,000 shares (aggregating up to ₹52.56 Cr) |
| Employee Discount | Rs 15 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 8,066,010 |
| Share holding post issue | 10,986,010 |
| Market Maker portion | 146,400 shares Aftertrade Broking |
Sahaj Solar IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Sahaj Solar IPO Timeline (Tentative Schedule)
Sahaj Solar IPO opens on July 11, 2024, and closes on July 15, 2024.
| IPO Open Date | Thursday, July 11, 2024 |
| IPO Close Date | Monday, July 15, 2024 |
| Basis of Allotment | Tuesday, July 16, 2024 |
| Initiation of Refunds | Thursday, July 18, 2024 |
| Credit of Shares to Demat | Thursday, July 18, 2024 |
| Listing Date | Friday, July 19, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 15, 2024 |
Sahaj Solar IPO Lot Size
Investors can bid for a minimum of 800 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹144,000 |
| Retail (Max) | 1 | 800 | ₹144,000 |
| HNI (Min) | 2 | 1,600 | ₹288,000 |
| Lot Size Calculator | |||
Sahaj Solar IPO Promoter Holding
Pramit Bharatkumar Brahmbhatt, Varna Pramit Brahmbhatt, and Manan Bharatkumar Brahmbhatt are the company’s promoters.
| Share Holding Pre Issue | 97.09% |
| Share Holding Post Issue | 71.28% |
About Sahaj Solar Limited
Sahaj Solar Limited was founded in 2010 and is a provider of renewable energy solutions.
The company has three business units:
- PV module manufacturing: The company’s PV module manufacturing facility is located at Bavla, Ahmedabad, Gujarat. It is spread over an area of 2,883.77 square metres and has a building of 2445.5 square metres comprising both factory and office space. The plant has a capacity of 100 MW. The company’s automated manufacturing facility offers mono and polycrystalline PV modules for various solar projects in India and abroad. The facility also manufactures a mono PERC (Passivated Emitter and Rear Contact) module.
- Provision of solar water pumping systems
- Providing EPC services to PAN India customers: This includes design, supply, installation, testing, commissioning and maintenance of projects of all sizes, from a simple domestic solar system to a large solar power plant set-up.
As of September 30, 2023, the company employed over 64 people in the areas of administration, accounting and finance, human resources, projects, procurement, operations manager, sales and marketing, production and operations, and top management.
Sahaj Solar Limited Financial Information (Restated Consolidated)
Sahaj Solar Limited’s revenue increased by 8.56% and profit after tax (PAT) rose by 106.25% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 14,936.40 | 9,081.50 | 6,103.22 | 3,463.94 |
| Revenue | 20,171.55 | 18,580.48 | 6,728.95 | 6,218.78 |
| Profit After Tax | 1,337.29 | 648.37 | 102.50 | 70.58 |
| Net Worth | 3,293.12 | 1,637.30 | 1,002.05 | 922.01 |
| Reserves and Surplus | 2,496.78 | 859.22 | 479.99 | 405.40 |
| Total Borrowing | 5,680.86 | 1,361.97 | 1,711.35 | 1,502.87 |
| Amount in ₹ Lakhs | ||||
Key Performance Indicator
The market capitalization of Sahaj Solar IPO is Rs 197.75 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 39.96% |
| ROCE | 26.47% |
| RoNW | 39.96% |
| P/BV | 4.41 |
| PAT Margin (%) | 6.52 |
Check Sahaj Solar IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 16.58 | 12.17 |
| P/E (x) | 10.86 | 14.79 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Sahaj Solar IPO Objectives)
The Company proposes to utilize the funds which are being raised through this Offer towards the following objects:
- Working Capital Requirements of the Company; and
- General Corporate Purposes.
Sahaj Solar IPO Review (May apply)
[Dilip Davda] Off late we are witnessing 1 out of 3 IPO for this segment and thus it is getting over crowded. It appears many company wants to encase the ongoing fancy for such companies. This company is in renewable energy segment with three verticals i.e. PV module manufacturing, solar power pumps and EPC in renewable energy. It marked growth in its top and bottom lines for the reported periods. Based on FY24 super earnings, the issue appears fully priced. Well-informed/cash surplus investors may park moderate fund for the long term rewards. Read detail review…
Sahaj Solar IPO Prospectus
Sahaj Solar Limited Contact Details
Sahaj Solar Limited
Office No. 301, Ashirvad Paras,
Opp. Prahladnagar Garden,
Satellite, Ahmedabad – 380051
Phone: +91-079-68171800
Email: cs@sahajsolar.com
Website: http://www.sahajsolar.com/
Sahaj Solar IPO Registrar
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: ssl.ipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/