Solar91 Cleantech IPO Postponed: Know Here Why?

Solar91 Cleantech IPO is postponed because it needs some further investigation as stated by the BSE in its notice no. 20241223-4 on 23 December 2024, in view of some issues raised by the complainants in the media.

Solar91 IPO anchor bidding was scheduled to start today i.e 23 December 2024 and for the public from 24 December 2024. 

The IPO was scheduled to list on the exchange on 01 January 2024, with allotment to be completed on December 30, 2024. The IPO consists of an issue size of 54,36,000 Shares (Rs.106 Cr).

Here is the official statement of the BSE-

(Source: bseindia.com)

What Leads the Investors in Suspection?

The RHP of the company carries some data that raised the red flag in the public’s mind. The public on social media alleged that the company Solar91 Cleantech Limited has raised its valuation by 2.5x in just a month which left the common public to think how a company increased its valuation more than 2 times just in a month. As a result, the public started raising concerns about the company’s data authenticity. Considering the importance of the public interest, the BSE asked for clarifications on this, resulting in the postponement of the IPO till further orders.

Earlier Solar91 Cleantech Ltd IPO GMP as of 23 December 2024 was Rs.100, on its price of Rs.195 which was showing a gain of 51.28% on its listing price.

Check Solar91 Cleantech IPO other details for a better understanding.

Company’s Previous Data

The company on different dates within a month issued different prices on its shares.

On 01 May 2024 - 24430

On 24 May 2024 - 29730

On 31 May 2024 - 59453

Conclusion

The postponement of the Solar91 Cleantech IPO raises substantive questions regarding the transparency with which the company is managing its data and valuing itself. The increase in share prices after a month has created a public concern as well as scrutiny from the regulators. In the meantime, investors will likely remain wary until the issues are resolved. Such a decision is an excellent reflection of the need to safeguard the public interest in the Stock market.

DISCLAIMER: This is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.