Uttar Pradesh-based engineering, procurement, and construction (EPC) services company Solarworld Energy Solutions debuted on the stock exchanges after its ₹6 billion (~$71.6 million) initial public offering (IPO) was oversubscribed 65 times.

The price band was set at ₹333 (~$3.75) to ₹351 (~$3.95) per equity share, with a face value of ₹5 (~$0.06). The IPO saw bids for 526 million shares, exceeding the 8.09 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 70.43%, followed by non-institutional investors at 64.73%. The portion allocated to the retail individual investors was oversubscribed by 49.15 times.

Solarworld had filed the draft papers with the Securities and Exchange Board of India to raise ₹6 billion (~$71.6 million) through an IPO.

The IPO included a fresh equity issuance of ₹5.5 billion (~$65.6 million) worth of shares and an offer-for-sale of ₹500 million (~$5.9 million) by its promoter, Pioneer Facor IT Infradevelopers.

The promoters hold 82.15% of the company’s equity stake, while public investors, such as Value Quest Scale Fund, own the remaining 17.85%.

The company said it would utilize the net proceeds from the IPO, amounting to ₹4.2 billion (~$47.33 million), towards investing in its subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar Tunnel Oxide Passivated Contact cell manufacturing facility in Pandhurana, Madhya Pradesh.

The remaining proceeds would be utilized for general corporate purposes.

Solarworld Energy aims to achieve 5 GW of operational ground-mounted solar projects by 2028.

In April 2025, Solarworld Energy Solutions won Gujarat Urja Vikas Nigam’s auction to set up a 500 MW/1,000 MWh standalone battery energy storage system under tariff-based competitive bidding (Phase VI). It secured a 200 MW contract at a tariff of ₹280,000 (~$3,288.31)/MW/month.

Apart from Solarworld Energy Solutions, several other IPOs by clean energy companies are scheduled for 2025. Companies testing their luck include solar manufacturers, independent power producers, and developers. A module mounting assembly fabricator is also in the fray, while a battery manufacturer has also announced plans to raise capital from the markets.