IPO Details
Bidding Dates
11 Jan '24 - 15 Jan '24
Minimum Investment
₹108,000/1 Lots (2000 Shares)
Price Range
₹51 - ₹54
Maximum Investment
₹108,000/1 Lots (2000 Shares)
Retail Discount
Not Applicable
Issue Size
₹28.08 Cr
Investor category and sub category
Retail Individual Investors | Non-Institutional Investors | Qualified Institutional Buyers |IPO Dates
Important dates with respect to IPO allotment and listing
Opening Date
Jan 11, 2024
Closing Date
Jan 15, 2024
Basis of Allotment
Jan 16, 2024
Initiation of Refunds
Jan 17, 2024
Credit of Shares to Demat
Jan 17, 2024
Listing Date
Jan 18, 2024
Cut-off time for UPI mandate confirmation
Jan 15, 2024
About Australian Premium Solar (India) Limited
Australian Premium Solar (India) Limited specializes in producing solar panels and EPC services for solar systems. Their manufacturing facility in Sabarkantha, Gujarat, spans 25,375 square meters and has an annual capacity of 200 MW. They manufacture two main types of solar panels, Monocrystalline and Polycrystalline, distinguished by the composition of their integral solar cells.
Due to their single-crystal structure, the Monocrystalline Solar Panels feature more efficient solar cells with a uniform, darker appearance. This allows for strategic placement of bus bars (copper-coated thin strips) without significantly impacting the visual aesthetics. In contrast, the Polycrystalline Solar Panels display a blue or speckled appearance stemming from their multiple crystal structures, requiring bus bars to be positioned considering the cells' less uniform look.
Besides manufacturing, the company provides comprehensive installation services for solar panels and pumps. They cater to residential and industrial clients for solar panel installations, with over 10,000 unique customers served as of August 31, 2023. More than 9,500 installations were for residential rooftop setups, while over 1,300 were for agricultural solar pumps.
Moreover, the company holds ISO 9001: 2015 certification from M/s. OSS Certification Services Private Limited. This certification underscores their commitment to maintaining a Quality Management System, ensuring the delivery of superior products and services.
Industry Outlook
- India ranks among the top five globally in installed renewable energy capacity, with electricity consumption projected to skyrocket due to real estate and transport sector demands. An increase of 250% in renewable energy capacity was seen in India from 2014 to 2021.
- India stands out in wind and solar power, ranking fourth and fifth, respectively, as of 2020. Solar and wind projects are expected to compete favorably with thermal power generation between 2025 and 2030.
- With the approval of India's sovereign green bonds framework by Finance Minister Nirmala Sitharaman, it aligns with Paris Agreement targets, attracting capital for green projects. Bilateral initiatives like the Joint Hydro Development Committee with Nepal signal a commitment to exploring hydropower projects.
- Investment in renewable energy surged to $14.5 billion in FY22, a 125% increase from FY21. Significant foreign investments, like the $75 billion commitment from the UAE, are expected to further boost India's renewable energy sector.
Australian Premium Solar (India) Limited IPO Details
Australian Premium Solar (India) Limited IPO Dates
The IPO of Australian Premium Solar (India) Limited is open for subscription from January 11, 2024, to January 15, 2024.
Australian Premium Solar (India) Limited IPO's Price Band
Australian Premium Solar (India) Limited’s IPO is a fresh issue. It is a book-building issue. However, the price range and issue size have not yet been announced.
Australian Premium Solar (India) Limited IPO's Lot Size
The lot size for Australian Premium Solar (India) Limited’s IPO has not yet been announced.
Australian Premium Solar (India) Limited IPO's Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funding Capital Expenditure: The company plans to upgrade its Sabarkantha facility in Tajpur, Gujarat, by adding new machinery for Monocrystalline Solar Panel manufacturing. Currently operating at 200 MW per annum, the company plans to invest ₹335.06 lakh to triple the installed capacity to 600 MW per annum.
- Working Capital Requirements: The company, acknowledging its working capital intensity, plans to allocate ₹1,702.82 lakh from the net proceeds to address the projected ₹ 2,845.05 lakh working capital needs for FY 2023-2024. The remainder will be met through internal accruals.
- General Corporate Purposes: Australian Premium Solar (India) Limited's management aims to allocate the rest of the gross proceeds flexibly for diverse corporate purposes. This includes strategic initiatives, partnerships, acquisitions, branding, marketing, and facility enhancements, subject to compliance with the Companies Act.
- Cover Issue Expenses: These expenses cover underwriting and management fees, printing and distribution costs, advertising expenses, legal fees, and listing fees. The company plans to cover the IPO issue expenses from the net proceeds of the IPO.
Peer Details
The company’s peers include:
- Zodiac Energy Limited
How To Check the Allotment Status of Australian Premium Solar (India) Limited’s IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the IPO Section and then to IPO Orders
- Select the individual IPO that you had applied for and check the allotment status.
- As such, Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Australian Premium Solar (India) Limited
Registered office: Tajpur, NH-08 TA-Prantij, Sabarkantha, Gujarat- 383205, India
Contact Person: Ms. Anjeeta Chaorasia
Phone: +91 87359 32511
E-mail: compliance@australianpremiumsolar.co.in
Company Financials
| Particulars | Year ending on March 31, 2023 | Year ending on March 31, 2022 | Year ending on March 31, 2021 |
|---|---|---|---|
| Total Revenue from Operations | 9,455.92 | 9,812.13 | 7,416.24 |
| Sales Growth (%) | -3.63% | 32.31% | NA |
| EBITDA Margin (%) | 6.16% | 5.25% | 4.75% |
| Profit After Tax (PAT) | 333.43 | 270.48 | 180.11 |
| PAT Margin (%) | 3.53% | 2.76% | 2.43% |
| Total Borrowings | 222.13 | 299.37 | 328.96 |
| Cash & Cash Equivalents | 218.93 | 357.90 | 206.92 |
| Debt to Equity Ratio(x) | 0.15 | 0.27 | 0.39 |
| Return on Equity (%) | 26.05% | 27.60% | 23.77% |
| Return on Capital Employed (RoCE) (%) | 30.62% | 29.21% | 25.94% |
| Earning Per Share (EPS) in absolute ₹ | 2.29 | 1.86 | 1.24 |
Know before investing
Strengths
3-
The company emphasizes delivering top-quality work to ensure high customer satisfaction, fostering enduring client relationships and garnering positive support.
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Operating on an order-driven model, the business optimally utilized resources, expanded into new markets, and maintained consistent quality output, enabling scalable growth both domestically and internationally.
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India, with limited conventional energy resources, capitalizes on abundant sunshine for solar energy. It explores hydropower potential, boasting 174.53 GW in renewable energy capacity by February 2023. Additionally, it leads to meeting Paris Agreement targets among G20 nations. Projections by ICRA anticipate significant capacity additions of 12.5 GW in FY22 and 16 GW in FY23.
Risks
5-
The company, promoters, and group entities face ongoing litigation and claims. Adverse decisions in these proceedings could result in financial liabilities and penalties, potentially impacting reputation, business, and financial standing.
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The company relies significantly on a few major customers for sales. Loss of these clients may directly affect revenue and profitability. The top ten customers contributed 48.11%, 44.65%, 17.44%, and 24.40% of total sales for the financial years ending July 31, 2023, March 31, 2023, 2022, and 2021, respectively.
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Dependency on a limited number of suppliers for major raw materials poses a risk. The absence of long-term agreements may lead to challenges in procuring adequate raw materials at competitive prices, potentially impacting business operations and financial stability.
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The company's credit facility from banks, particularly the delay in obtaining a No Objection Certificate for a proposed Initial Public Offering (IPO), may affect the company's plans. As of July 31, 2023, credit facilities from HDFC Bank amount to ₹158.62 Lakh.
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Failure to maintain quality control processes may result in adverse effects on business, operations, and financial condition. Substandard products could lead to product liability claims and legal proceedings if they fail to meet customer expectations.
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Australian Premium Solar (India) IPO FAQs
Australian Premium Solar (India) Limited IPO is a fresh issue of shares. It is a book-building issue.
The Australian Premium Solar (India) Limited’s shares will be allotted on January 16, 2024.
The IPO subscription window for Australian Premium Solar (India) Limited will open on January 11, 2024.
Retail investors can apply for a minimum of one lot. However, the lot size has not been announced yet.
Australian Premium Solar (India) Limited will be listed on NSE Emerge. The stock will be listed on December 18, 2023.
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app
- Go to the IPO Section and then to IPO Orders
- Select the individual IPO that you had applied for and check the allotment status.
- As such, Angel One will notify you of your IPO allotment status via push notification and email.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
