Ahmedabad-based Soleos Energy Limited files DRHP for IPO

POSTED BY  : ANAGHA SAKPAL DATED ON  : 01/10/2026 (9004379946) 📞

Ahmedabad -based Soleos Energy Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The IPO, with a face value of Rs 5, is a fresh issue for up to 1,10,00,000 equity shares and an offer-for-sale for up to 90,00,000 equity Shares by promoters – Bhaveshkumar C Rathod,  Dhavalkumar  Ghanshyambhai Jiyani, Parth R Rangholia, Aniket Rangholia and Vipul Rathod.

Other selling shareholders – Chandan Garg, Anand Rajeshbhai Patel, Silver Turtle Ventures, Ankush Kedia, NG Family Trust, Dipti Jayantilal Panchal, Jainam Manharbhai Shah (HUF), Nairit Rajiv Gala, Ravish Malav, Mayur Popatlal Gadda, Atul Bhimji Gohil, Komalay Investrade Private Limited, Nitinbhai Govindbhai Patel and Meghdoot Leisure LLP. 

The company, in consultation with the book-running lead managers, may consider a Pre-IPO Placement, prior to filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised pursuant will be reduced from the Fresh Issue.

The proceeds from its fresh issuance worth Rs 113.6 crore will be utilised for funding capital expenditure requirement for setting up battery energy storage systems manufacturing facility with an installed capacity of 2.20 GWh (BESS Project), Rs 20 crore for repayment and/or prepayment, in full of part, of certain outstanding borrowings availed by the company and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Incorporated in 2017, the company is an India-headquartered integrated solar energy company providing end-to-end solutions to power consumers and renewable energy investors and asset owners. It provides its services across the solar energy project lifecycle, from early-stage project formation, designing and development and consulting through commissioning and long-term operations, through an integrated business model. 

The company has expanded its integrated business model to include the development of group captive solar power projects (Group Captive Projects) for commercial and industrial consumers and also participate as equity investor in such projects in India. In addition, it supplies solar products and equipment, including solar PV (Photovoltaic) modules and other related components and accessories. 

It is also engaged in the ownership and operation of solar power plants and the sale of electricity generated there from. The company is among the few solar energy companies in India that offers an integrated solar energy platform encompassing in-house project development, financing coordination, EPC execution, long-term asset management, and an in-house battery energy storage system (BESS) manufacturing facility (Source: D&B Report). 

As of August 31, 2026, it also has a presence in Singapore, Spain, Uganda and Colombia through its subsidiaries, operations and project execution track record. During the last three fiscals, the company has executed projects for commercial and industrial customers, public sector undertakings and renewable energy developers, encompassing rooftop and ground-mounted solar power projects of varying capacities. 

Solar power generation in India has become a cornerstone of the country’s long-term energy transition. As of the date of this Draft Red Herring Prospectus, the company owns and operates solar power plants with an aggregate installed capacity of 230 kW, located at Surat, Ankleshwar and Bharuch in Gujarat, for the generation and sale of power. In addition to its operational portfolio, the company through its subsidiaries, is currently developing solar power plants with an aggregate planned capacity of approximately 29 MW, upon completion and commissioning, these projects are expected to further strengthen its solar power generation portfolio and its presence across the solar energy value chain. 

The company has invested Rs 363.43 lakhs, Rs 741.36 lakhs and NIL by way of direct equity investment in group captive projects during Fiscal 2026, 2025 and 2024 respectively.

As part of its strategy to strengthen its integrated business model and enhance backward integration, it has commenced operations of a pilot-scale manufacturing of battery energy storage systems (BESS Manufacturing) on a land parcel admeasuring 1,006 sq. mt. located at Ahmedabad (Existing BESS Facility). The BESS Plant has an annual production capacity of 100MWh (based on one shift of production). 

Further, the company intends to expand its BESS manufacturing operations with an additional annual capacity of 2.2 GWh, including setting up of a SMT (Surface Mount Technology) production line designed for manufacturing of battery management system (BMS), the energy management system (EMS) and inverter boards. 

Through its research and development efforts, the company has developed its own proprietary solar tracker technology and has filed its patent applications (Source: D&B Report).

As of August 31, 2026, the company has an unexecuted order book (Order book) of Rs 1593.7 crore. Further, as of August 31, 2026, it has commissioned Rs 386.16 crore solar projects in India and outside India aggregating 100+ MW. 

The company has set up a pilot-scale BESS manufacturing facility located at Ahmedabad, with an annual installed capacity of 100 MWh based on a single-shift production schedule. It has ventured into vertical integration of its business by expanding into the manufacturing of battery energy storage systems (BESS) for residential and commercial and industrial (C&I) customers as well as utility scale projects, with a total pilot-scale capacity of 100 MWh based on a single-shift production schedule and further proposes to set up a separate BESS manufacturing facility at District Mehsana, with an annual capacity of 2.2 GWh, including setting up of a SMT (Surface Mount Technology) production line designed for manufacturing of BMS (Battery Management System), EMS (Energy Management System) and Inverter boards. 

The development of its existing BESS manufacturing facility stands completed and it commenced operations in June 2026. Its proposed BESS manufacturing facility is expected to be operational by April, 2028. 

Its revenue from operations was Rs 281.15 crore during FY26 as compared to Rs 93.9 crore during FY24. Its net profit was Rs 21.47 crore during FY26 as compared to Rs 5.49 crore during FY24.  

Beeline Capital Advisors Private Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue. 

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited.