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- Sahaj Solar Ltd
Sahaj Solar Ltd
Sahaj Solar Ltd originally incorporated as Sahaj Solar Private Limited' on February 26, 2010 with the Registrar of Companies, Gujarat Dadra & Nagar Haveli. Promoted by Mr. Rajnibhai Radadiya and Mr. Sandipbhai Radadiya, on September 25, 2014, the existing promoters, Mr. Pramit Brahmbhatt and Mrs. Varna Brahmbhatt acquired the Company, and further got it converted into a Public Limited Company with the change in name of Company to 'Sahaj Solar Limited' and received a Fresh Certificate of Incorporation dated April 18, 2023 issued by the Registrar of Companies, Ahmedabad.
The Company has a PV module manufacturing plant having a capacity of 100 MWs at their plant in Bavla, Ahmedabad, Gujarat. Company's aesthetic automated production facility offers mono & poly crystalline PV Modules for various solar projects across India and abroad. Apart from conventional polycrystalline module, the facility manufactures high efficiency Mono PERC (Passivated Emitter and Rear Contact) module, with not less than 21% and higher efficiency also. This plant has capacity to manufacture customized size PV modules.
Secondly, the Company is engaged in providing solar water pumping systems. A solar water pump is an application of Solar PV System which converts solar energy into electricity to run motor and pump. The motor energized by solar power delivers water out of bore well, river, lake or pond. The key components of solar water pumping system is solar panel which is manufactured by the Company
Thirdly, Company is also an integrated solar energy solutions provider offering engineering, procurement, and construction (EPC) services to customers like design, supply, installation, testing, commissioning and maintaining of all sizes of projects ranging from simple domestic solar installation to setting up a large scale Solar Power Plant.
The Company is proposing the Public Offer of 28,34,004 Fresh Issue Equity Shares.
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Sahaj Solar Ltd IPO Timeline
Sahaj Solar Ltd IPO opens on 11-Jul-2024, and closes on 15-Jul-2024. The Sahaj Solar Ltd IPO bid date is from 11-Jul-2024 to 15-Jul-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
| Event | Date |
|---|---|
| Sahaj Solar Ltd IPO Opening Date | 11-Jul-2024 |
| Sahaj Solar Ltd IPO Closing Date | 15-Jul-2024 |
| Basis of Allotment | 16-Jul-2024 |
| Initiation of Refunds | 18-Jul-2024 |
| Credit of Shares to Demat | 18-Jul-2024 |
| Sahaj Solar Ltd IPO Listing Date | 19-Jul-2024 |
Sahaj Solar Ltd IPO Lot Size
Sahaj Solar Ltd IPO lot size is 800 shares. A retail-individual investor can apply for up to 1 lots (800 shares or 144000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Minimum | 1 | 800 | ₹144000 |
| Maximum | 1 | 800 | ₹144000 |
Sahaj Solar Ltd IPO Details
| Sahaj Solar Ltd IPO Date | 11-Jul-2024 to 15-Jul-2024 |
| Sahaj Solar Ltd IPO Face Value | Shares of ₹10 per share |
| Sahaj Solar Ltd IPO Price | ₹171 to ₹180 per share |
| Sahaj Solar Ltd IPO Lot Size | 800 |
| Issue Size | Shares of ₹10 (aggregating up to ₹52.52 Cr) |
| Fresh Issue | Shares of ₹10 (aggregating up to ₹52.56 Cr) |
| Offer for Sale | - |
| Issue Type | Book Building - SME |
| Listing At | NSE - SME |
| QIB Shares Offered | - |
| Retail Shares Offered | - |
| NII (HNI) Shares Offered | - |
| Company Promoters | Pramit Bharatkumar Brahmbhatt, Varna Pramit Brahmbhatt, Manan Bharatkumar Brahmbhatt. |
Objects of the Issue
The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
- 1 Working capital requirements of the company
- 2 General corporate purposes
Company Financials
Sahaj Solar Ltd Financial Information (Restated)
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 03-2024 | 143.69 | 179.76 | 12.26 |
| 03-2023 | 87.42 | 183.69 | 5.81 |
| 03-2022 | 61.03 | 66.39 | 1.02 |
| Amount in ₹ Crore | |||
- Well positioned solar PV module manufacturer in India to capture industry tailwinds and growth prospects for solar energy in India.
- Diversified base of customers with a large order book.
- Advanced manufacturing facilities with global accreditations.
- Extensive pan-India retail network.
- Experienced Promoter and management team with strong industry expertise and successful track record.
- Well versed and equipped with advance technology.
- Quality Assurance & Control.
- The Company had advanced a loan to a body corporate where the directors of the Company were interested, in the past, which may attract the penalties or regulatory actions.
- Its Registered Office from where the company operates is not owned by it.
- The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.
- The company highly depends on its major raw materials and a few key suppliers who help it procure the same. The Company has not entered into long-term agreements with its suppliers for supply of raw materials. In the event the company is unable to procure adequate amounts of raw materials, at competitive prices its business, results of operations and financial condition may be adversely affected.
- The company has only one Manufacturing Facility, continued operations of its manufacturing facility is critical to its business and any disruption in the operation of the company's manufacturing facility may have a material adverse effect on its business, results of operations and financial condition.
- Its failures to perform in accordance with the standards prescribed in work order of its client could result in loss of business or payment of liquidated damages.
- The company conduct its business activities on a purchase order basis and therefore, have not entered into long-term agreements with its customers.
- The company is engaged in assembling of solar water pumping system and customers receives subsidy from State/Central Government. Any reduction or discontinuation of such subsidy will results in reduction in number of potential consumers.
- Its business activities are exposed to fluctuations in the prices of raw materials.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- If the company is experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, results of operations and cash flows.
- The Company has received a notice from MSME Commissionerate for the delayed payments under MSMED Act, 2006.
- The company had certain inaccuracy in relation to regulatory filings to be made with the RoC and the company has made non-compliances of certain provision under applicable laws.
- Its Promoter Pramit Bharatkumar Brahmbhatt plays a key role in the company functioning and its heavily relies on his knowledge and experience in operating its business and therefore, it is critical for the company's business that its promoter remain associated with the company.
- The outstanding orders in its order book may be delayed, modified or cancelled which may have an adverse impact on its business, results of operations and cash flows.
- The company is exposed to credit risk from its customers and the recoverability of the company trade receivables is subject to uncertainties.
- Its Restated Financial Information for the relevant financial reporting periods are not comparable on account of certain acquisitions and divestments made by the Company in the relevant financial reporting periods.
- Improper storage, processing and handling of materials and products may cause damage to its inventory leading to an adverse effect on the company's business, results of operations and cash flows.
- The company has certain contingent liabilities that have been disclosed in its financial statements, which if they materialize, may adversely affect its results of operations, cash flows and financial condition.
- The Company derives a significant portion of revenue from solar pumping systems and any reduction in the production of such products could have an adverse effect on the business, results of operations and financial condition.
- Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
- The company has entered into, and will continue to enter into, related party transactions that may involve conflicts of interest.
- The company faces competition in its business from domestic competitors. Such competition would have an adverse impact on its business and financial performance.
- Any adverse change in regulations governing its products and the products of the company customers, may adversely impact its business prospects and results of operations.
- The Company has availed Rs. 450.19 lakhs as unsecured loan as on March 31, 2024, which are repayable on demand. Any demand from the lenders for repayment of such unsecured loan may affect its cash flow and financial condition.
- Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The company depends on its management team and other personnel with technical expertise, and if the company is unable to recruit and retain qualified and skilled personnel, its business and the company ability to operates or grow its business may be adversely affected.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the offer price.
- There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
- If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report its financial risks.
- Some of the KMPs are associated with the company for less than one year.
- Continued focus on developing new and innovative products and services.
- Focus on increasing market share into untapped markets and underdeveloped countries.
- Invest in technology development and global partnerships for vertical integration.
- Grow our customer base and maintain relationships with other key stakeholders.
- Enhance our commitment to society and sustainable business development.
Sahaj Solar Ltd IPO Promoter Holding
| Pre Issue Share Holding | 95.14% |
| Post Issue Share Holding | 69.85% |
Sahaj Solar Ltd IPO Subscription Status (Bidding Detail)
The Sahaj Solar Ltd IPO is subscribed - times on Jul 15, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Subscription (times) | - | - | - | - | - |
Sahaj Solar Ltd IPO Prospectus
Sahaj Solar Ltd IPO Listing Date
| Listing Date | 19 Jul 24 |
| BSE Script | 65153 |
| NSE Symbol | SAHAJSOLAR |
| Listing In | NSE - SME |
| ISIN | INE0P4701011 |
| IPO Price | ₹180 |
| Face Value | ₹10 |
Sahaj Solar Ltd IPO Registrar
KFin Techologies Ltd
Phone: +91 40 6716 2222
Email: ssl.ipo@kfintech.com
Website: www.kfintech.com
Sahaj Solar Ltd IPO Lead Manager(s)
- Kunvarji Finstock Pvt Ltd
FAQs on Sahaj Solar Ltd IPO
Sahaj Solar Ltd IPO, which opens for subscription from 11-Jul-2024 to 15-Jul-2024 has an issue size of ₹52.52 crore. The issue type is book building issue.
In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for Sahaj Solar Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.
Sahaj Solar Ltd IPO Opens for subscription from 11-Jul-2024 to 15-Jul-2024.
The lot size of Sahaj Solar Ltd is 800 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹144000 and ₹144000 respectively.
Allotment date for Sahaj Solar Ltd is 16-Jul-2024 and refund of application amount (in case allotment is not received) will begin from 18-Jul-2024. If your allotment goes through, then shares will be credited in your Demat account by 18-Jul-2024.
The registrar for Sahaj Solar Ltd IPO is KFin Techologies Ltd . You can check your IPO allotment status on the registrar's website.
The shares of Sahaj Solar Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
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