Sahaj Solar IPO

Apply now
Don't have a Zerodha account? Sign up

11th – 15th Jul 2024
19 Jul 2024
₹171 – ₹180
800 shares (₹144000)


Issue open date 11 Jul 2024
Issue close date 15 Jul 2024
UPI mandate deadline 15 Jul 2024 (5 PM)
Allotment finalization 16 Jul 2024
Refund initiation 18 Jul 2024
Share credit 18 Jul 2024
Listing date 19 Jul 2024
Mandate end date 30 Jul 2024
Lock-in end date for anchor investors (50%) 15 Aug 2024
Lock-in end date for anchor investors (remaining) 14 Oct 2024


Sahaj Solar Limited is set to launch its IPO on July 11, 2024, with subscriptions closing on July 15, 2024. Established in 2010, the company specializes in renewable energy solutions, focusing on three core business areas:

  • PV module production: (Photovoltaic) The company operates a manufacturing plant in Bavla, Ahmedabad, Gujarat, covering 2,883.77 square meters, with 2,445.5 square meters allocated for factory and office spaces. The facility has a production capacity of 100 MW, manufacturing both mono and polycrystalline PV modules, including Mono PERC (Passivated Emitter and Rear Cell) modules.
  • Solar water pumping systems: They offer solar water pumping solutions primarily powered by their own solar panels. Their subsidiary, Veracity Energy and Infrastructure Private Limited produces key components such as the module mounting structure.
  • EPC services: The company provides comprehensive EPC (Engineering, Procurement, and Construction) services across India, managing projects ranging from small domestic installations to large-scale solar power plants. Sahaj Solar maintains stringent quality and reliability standards, holding certifications such as MNRE registration and ISO 9001:2015.


Issue size

Funds raised in the IPO Amount
Overall ₹52.56 crores
Fresh issue ₹52.56 crores
Offer for sale

Utilisation of proceeds

Purpose INR crores (%)
Working capital 39.42 (75%)
General corporate purposes 13.14 (25%)

*All figures except EPS are in ₹ crores


  • Diversified customer base: The company has a broad and varied customer base, which contributes to stable and sustained demand for its products and services. This diversity helps mitigate risks associated with market fluctuations and ensures a steady revenue stream.
  • Advanced manufacturing facilities: The company operates manufacturing facilities that are highly advanced in technology. These facilities are globally certified, guaranteeing that they can maintain high-quality standards while competing effectively in the global market.
  • Extensive pan-India retail network: They have an extensive retail network throughout India, allowing them to easily distribute their items nationwide. This network boosts the company’s market reach and accessibility, positioning it as an effective competitor in the renewable energy sector.


  • Dependency on Distribution Partners: The company relies on third parties for global product distribution. Failure to maintain or expand these relationships may affect business performance.
  • Manufacturing and Regulatory Compliance: Potential manufacturing or quality control issues can harm the company’s reputation, trigger regulatory actions, and lead to litigation. The company adheres to strict regulations by Indian and international authorities and undergoes frequent inspections.
  • Debt Financing and Covenants: The company’s debt financing is secured by its assets and imposes conditions and covenants that restrict actions like capital changes, dividends, and investments. Violating these terms could impact financial stability.
  • Pricing Pressures: Competitive business environments and fluctuations in the prices of raw materials, such as solar cells, glass, EVA sheets (a protective plastic layer for solar cells), back-cover, aluminium frame, junction boxes, batteries, and other solar equipment used in manufacturing, can impact the company’s profitability.


  • The above schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion.
  • The allotment status will be available by July 17, 2024, on the registrar’s website and the NSE website.