Solar91 Cleantech IPO has been postponed. According to a regulatory filing in BSE, it has been put on hold for the time being due to the investigation of questions raised by some complainants in the media. Let us tell you, earlier this IPO was going to open from 24 December to 27 December.

What is the reason behind this

The filing reads, "With respect to the IPO of Solar91 Cleantech Limited, whose anchor book was scheduled to open today, it is notified that in view of certain queries raised by the complainants in the media, the same requires further investigation. Accordingly, the bidding for anchor investors scheduled to open today and for public investors tomorrow is deferred till further notice."

Solar91 Cleantech IPO Details 

Solar91 Cleantech's IPO was scheduled to open for subscription from December 24 to December 27. The price band of this IPO was fixed at Rs 185 to Rs 195 per share. This main board issue included a fresh issue of 54.36 lakh shares, through which the company was planning to raise Rs 106 crore.

What is the Grey Market Premium (GMP)

Solar91 Cleantech shares were doing well in the grey market even before the IPO officially opened. These shares witnessed a premium of Rs 100 per share in the grey market, which represents a 51.28% increase over its upper price band of Rs 195. If this estimate holds true, its listing price could be Rs 295.

What does Solar91 Cleantech do?

Founded in 2015, Solar91 Cleantech Company provides services to the Engineering, Procurement and Construction (EPC) sector for renewable energy. The company's portfolio spans rooftop solar solutions, open access and group captive solutions, agro PV and distributed solar investment opportunities for the industrial, commercial and residential sectors.