Schedule of Sahaj Solar
| 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 |
Note: The 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 can be checked on the registrar's website and the exchange website.
About Sahaj Solar
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: The manufacturing plant in Bavla, Ahmedabad, Gujarat, has a 100 MW capacity, producing mono and polycrystalline PV modules, including Mono PERC modules.
- Solar water pumping systems: The company offers solar water pumping solutions powered by their own panels, with key components made by its subsidiary, Veracity Energy and Infrastructure Private Limited.
- EPC services: The company provides Engineering, Procurement, and Construction (EPC) services across India, handling both small and large-scale projects. The company holds MNRE and ISO 9001:2015 certifications for quality and reliability.
Financials of Sahaj Solar
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
Strengths
- 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.
Risks
- 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.
Note:
- 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.