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Sahaj Solar Ltd IPO: Review, Valuation, Opening Date & GMP

  


Sahaj Solar Limited IPO-Complete Overview

Established in 2010, Sahaj Solar Limited offers sustainable energy solutions. There are three business units in the company:

Production of PV modules: The company's plant for producing PV modules is situated in Bavla, Ahmedabad, Gujarat. The property spans 2,883.77 square meters, including a 2445.5 square meter building that houses office and manufacturing space. The plant can produce 100 MW of energy. The company's automated manufacturing plant produces monocrystalline and polycrystalline photovoltaic modules for various domestic and international solar projects. A mono PERC (Passivated Emitter and Rear Contact) module is also made at this site.

Solar water pumping devices are available.

Offering PAN India clients EPC services: This covers the design, procurement, installation, testing, commissioning, and upkeep of solar power plant setups as well as smaller-scale residential solar systems. In the domains of administration, finance and accounting, staffing, initiatives, purchasing, operations manager, marketing and sales, production and operations, and upper management.

As of September 30, 2023, the organization employed more than 64 individuals.

Dear readers, we are pleased to provide details about the approaching IPO. The company plans to launch its IPO on July 11, 2024.

Let's take a closer look at the IPO's offerings below.

 

Sahaj Solar Limited IPO Overview

Sahaj Solar Limited IPO is an SME book-built issue of Rs.52.56 crore with a wholly Fresh Issue of 29.2 lac Shares (amounting to Rs.52.56 crore) out of which 35% is allocated to retail investors, 50% to institutional investors and 15% to non-institutional investors. 

The IPO will be available to investors on July 11, 2024, and conclude on July 15, 2024. The anticipated listing date for the IPO is Friday, July 19, 2024, and will be held on the NSE and SME. The price band of each share is Rs.171 to Rs.180.

If you want to apply for the IPO, Click Here to Open a Demat Account.

 

 

Company Financial

Sahaj Solar Limited's revenue climbed by 176.13%, while profit after tax (PAT) increased by 532.56% during the financial years ending March 31, 2023, and March 31, 2022. 

Below is the synopsis of the company's financial data for the financial year that concluded on 31 March 2023.

  • The company’s total revenue is Rs.100-500 crore.

  • The net worth of the company has climbed by 56.72%.

  • The company's EBITDA has increased by 176.64%.

  • The total assets of the company rose by 43.07%

  • The Liabilities of the company climbed by 50.11%.

(Amount in Lacs)

Period

30 Sep 2023

31 Mar 2023

31 Mar 2022

Total Assets 

8,483.62

9,081.50

6,103.22

Total Revenue

6,110.30

18,580.48

6,728.95

PAT

207.48

648.37

102.50

Net worth

1,836.08

1,637.30

1,002.05

Reserve & Surplus 

1,063.00

859.22

479.99

Total Borrowings

1,655.72

1,241.72

1,711.35

 

Revenue Bifurcation

Below is the revenue breakdown for various activities:

(Amount in Lacs)

Net Cash flow in multiple Activities

30 Sep 2023

31 Mar 2023

31 Mar 2022

Net Cash Flow Operating Activities

573.41

1,143.75 

166.42

Net Cash Flow Investing Activities

4.69 

86.94

16.39

Net Cash Flow Financing Activities

312.34

862.94

65.36

 

Breakdown Of Domestic Revenue Generated From Sales Of Goods & Services

Breakdown of Export Revenue Generated From Sales of Goods & Services

Revenue Breakdown Based On Government And Non-Government Clients

(Value in % Share)

Particular

FY 2023-2024 H1

FY 2022-2023

FY 2021-2022

Government Clients

58.59

72.51

23.94

Non-Government Clients

41.41

27.49

76.06

 

 

The Objective Of The Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

  • Financing to satisfy the need for working capital.

  • Corporate Goals in General.

 

Peers Of Sahaj Solar Limited

Company Name

Face Value (Rs.)

EPS (Rs.)

P/E (x)

Shakti Pumps (India) Limited 

10

13.13

114.27

Zodiac Energy Limited 

10

2.18

119.72

Solex Energy Limited

10

3.97

151.28

 

Evaluation

The price of this IPO is Rs.171 to Rs.180 for each Share.

Evaluation Of P/E Ratio

Considering the FY 2022 that concluded on 31 March 2023, EPS of Rs.8.11 from the last year, the resulting P/E ratio is 22.39x.

Considering the weighted EPS of Rs.4.62 for the last three years, the P/E ratio is 47.65x.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 117.18x.

Particulars

P/E Ratio

Highest

120.21

Lowest

114.16

Average

117.18

In simple words, the P/E ratio of the Sahaj Solar Limited-IPO (22.39x and 47.65x) is much lesser than the industry’s average P/E ratio i.e. 117.18x. Hence the company currently has a low valuation as compared with its industry average so the price band seems a little high for these shares. Investors might have to pay an overly priced amount considering its P/E ratio to buy Shares in its IPO.

 

IPO's Strengths

  • Proficiency in producing solar panels and providing solar pumping services.

  • A partner appointed for several government projects and contracts.

  • Situated in a zone with high consumption.

  • Well-established role at a medium-sized solar panel manufacturer with a cutting-edge production setup.

  • Maintains all significant national and international certifications while adhering to the strictest production rules and the highest international industry standards and practices

  • A highly skilled operations team, project manager, and key management staff with a proven track record.

 

IPO’s Weaknesses

  • They do not own the Registered Office from where they conduct business.

  • For sales, the company depends on a small number of clients. The loss of even one of these significant clients could have an impact on its earnings.

  • They rely a lot on their primary raw materials and a select group of important suppliers to assist them get them.

  • For the delivery of raw materials, the company has not engaged in long-term contracts with its suppliers. If sufficient quantities of raw materials cannot be obtained at reasonable costs, it could harm its operations, financial status, and business.

  • It only has one production plant, and its continuous operation is essential to its business. Any interruption to its operations could have a significant negative impact on its operations, financial situation, and business performance.

  • If they don't follow the requirements outlined in their client's work order, they risk losing their company or having to pay liquidated damages.

 

 

IPO GMP Today

The Latest GMP of Sahaj Solar Limited IPO is Rs.240.

 

Sahaj Solar Limited IPO timetable (Tentative)

The IPO is scheduled from July 11 to July 15, 2024, with allotment on July 16, refund initiation on July 18, and listing on July 19, 2024.

Events 

Date

IPO Opening Date

July 11, 2024

IPO Closing Date

July 15, 2024

IPO Allotment Date 

July 16, 2024

Refund initiation 

July 18, 2024

IPO Listing Date

July 19, 2024

 

Sahaj Solar Limited IPO Details 

The IPO with a face value of Rs.10 per share is set to start on July 11, close on 15 July, and offer a total issue size of 2,920,000 Shares (amounting up to Rs.52.56 crore) comprising a wholly fresh issue size of 2,920,000 Shares of Rs.52.56 crore.

IPO Opening & Closing Date 

July 11, 2024 to July 15, 2024

Face Value 

Rs.10 per Share

Issue Size

2,920,000 Shares of Rs.52.56 crore.

Offer for Sale 

-

Fresh Issue 

2,920,000 Shares of Rs.52.56 crore.

Listing at

NSE, SME

Issue Type 

Book Built Issue IPO

Registrar 

Kfin Technologies Limited

 

 

Sahaj Solar Limited IPO Lot Details 

The IPO allows retail investors to invest in a minimum and maximum of 1 lot (800 Shares) amounting to Rs.144000 and in multiples thereof, while for HNI investors, the minimum lot is 2 (1600 Shares) amounting to Rs.288000.

Minimum Lot Investment (Retail) 

1 lot

Maximum Lot Investment (Retail) 

1 lot

HNI (Min)

2 lots

 

Sahaj Solar Limited IPO Reservation

QIB Share Portion

50%

Retail Investors Share Portion

35%

NII Shares Portion

15%

 

Promoters And Management Of Sahaj Solar Limited IPO

  • Pramit Bharatkumar Brahmbhatt

  • Varna Pramit Brahmbhatt

  • Manan Bharatkumar Brahmbhatt

Pre-issue Promoter shareholding

97.09%

Post-issue Promoter shareholding

-

 

Sahaj Solar Limited IPO Lead Managers

  • Kunvarji Finstock Pvt Ltd

Dividend Policy

The company has not paid any dividends in the last three years.

Conclusion

The company’s net worth, total assets, and liabilities have increased and EBITDA also rose in the last few financial years. To fulfill its objectives, the company is currently conducting an initial public offering (IPO) for the general public.

We believe the information offered in this blog helps you learn about the company's financial performance. So this blog will be very useful to you if you are looking for information about the approaching IPO since it will give you reliable information about the company's, insights, financials, and past performance. If this informative blog piques your interest, you may be interested in reading our other related and useful posts on our website.

 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

We believe this blog would be very beneficial to you if you are looking for such information related to this upcoming IPO since this blog would provide you with accurate information about the company's, insights, financials, and past performance. If this informative blog matches your interest, you might be interested in reading our other related useful blogs on our website.

Disclaimer: This IPO analysis is only for informational purposes and should not be considered as investment advice. Always do your research and consult with a financial advisor.

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Frequently Asked Questions

+

The IPO will begin accepting subscriptions on July 11, 2024.

+

The issue price of the IPO is Rs.171 to Rs.180 for each share.

+

The IPO's total issue size is 2,920,000 shares aggregating up to Rs.52.56 Cr.

+

The IPO closing date is July 15, 2024.

+

The company desires to use the Net Proceeds to satisfy the need for working capital and corporate goals in general.



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