Ahasolar Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Jul 2023 – 13 Jul 2023
- Listing date
- 21 Jul 2023
- Face value
- ₹10 per share
- Issue price
- ₹157 per share
- Lot size
- 800 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹12.85 Cr
- Market cap at offer price
- ₹48.39 Cr
- Promoter holding
- 50.31% → 36.95% pre-issue → post-issue
- ISIN
- INE0NEV01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Office No.207, Kalasagar Shopping Hub, Opp.Saibaba Temple, Sattadhar Cross Road, Ghatlodiya, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 42,400 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹157
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,25,600 |
| S-HNI (min) | 2 | 1,600 | ₹2,51,200 |
| S-HNI (max) | 7 | 5,600 | ₹8,79,200 |
| B-HNI (min) | 8 | 6,400 | ₹10,04,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.94 | — |
| P/E (×) | 19.77 | — |
| Market cap | — | ₹48.39 Cr |
Key performance indicators
- Return on net worth
- 43.54%
- ROCE
- 63.53%
- PAT margin
- 8.38%
- NAV per share
- ₹17.89
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ahasolar Technologies
Ahasolar Technologies Limited was incorporated on July 28, 2017, and converted to a public limited company on January 6, 2023. The company is engaged in CleanTech enabling energy transition through digital transformation, empowering stakeholders to adopt renewable energy via multiple digital solutions and advisory services. It is a DPIIT-recognised startup (registration no. DIPP34701). The company has developed AI-based intelligent solar digital platforms including SaaS products for solar companies to streamline processes, design photovoltaic systems, manage projects, monitor generation, and operate an integrated marketplace connecting demand and supply. It also provides SaaS products for governments implementing distributed renewable programmes. The company's core business is divided into three categories: Solar Software Service, Solar Marketplace, and Solar Advisory and Consultancy Service. It is also involved in advisory for sustainable development and energy transition, including software on process management, solar EPC company services, project management, policy and regulation advisory, transactional advisory, e-commerce for solar products, drone surveys, and automation.
Company Analysis
from RHPAhasolar Technologies Limited is a CleanTech company enabling energy transition through digital transformation in renewable energy, primarily serving the solar industry through SaaS products, marketplace solutions, and advisory services.
Ahasolar Technologies Limited was incorporated on July 28, 2017, and converted to a public limited company on January 6, 2023. The company is engaged in CleanTech enabling energy transition through digital transformation, empowering stakeholders to adopt renewable energy via multiple digital solutions and advisory services. It is a DPIIT-recognised startup (registration no. DIPP34701). The company has developed AI-based intelligent solar digital platforms including SaaS products for solar companies to streamline processes, design photovoltaic systems, manage projects, monitor generation, and operate an integrated marketplace connecting demand and supply. It also provides SaaS products for governments implementing distributed renewable programmes. The company's core business is divided into three categories: Solar Software Service, Solar Marketplace, and Solar Advisory and Consultancy Service. It is also involved in advisory for sustainable development and energy transition, including software on process management, solar EPC company services, project management, policy and regulation advisory, transactional advisory, e-commerce for solar products, drone surveys, and automation.
Objects of the Issue
- Development of Solar PV Plant ₹705.13 Lakhs p.15
- Setting up of Electric Vehicle Charging Infrastructure ₹32.50 Lakhs p.15
- Purchase of Electric Vehicles ₹9.02 Lakhs p.15
- To Meet Working Capital Requirements ₹240.00 Lakhs p.15
- General Corporate Purpose ₹195.94 Lakhs p.15
- Development of Solar PV Plant ₹705.13 Lakhs p.73
- Setting up of Electric Vehicle Charging Infrastructure ₹32.50 Lakhs p.73
- Purchase of Electric Vehicles ₹9.02 Lakhs p.74
- To Meet Working Capital Requirements ₹240.00 Lakhs p.75
- General Corporate Purpose ₹195.94 Lakhs p.77
- Public Issue Expenses ₹102.29 Lakhs p.78
Issue Structure
- Total Issue
- 8,18,400 Equity Shares aggregating to ₹1,284.89 Lakhs
- Fresh Issue
- 8,18,400 Equity Shares aggregating to ₹1,284.89 Lakhs (Entire Issue constitutes Fresh Issue of Equity Shares)
- Offer for Sale
- Not Applicable – The entire issue constitutes fresh issue of equity shares
- Price Band
- ₹157 per Equity Share (Fixed Price Issue)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through multiple streams: SaaS products for solar companies (software and advisory on process management, PV design, project management, procurement, monitoring, ERP, CRM); solar marketplace (e-commerce for solar products and integrated marketplace connecting demand and supply); advisory services (solar project management, policy and regulation advisory, transactional advisory on transformation of companies, cities and states to renewables); and other services including drone surveys and automation. Revenue is derived from fees, commissions on transactions, and service contracts.
Business Segments
SWOT Analysis
- • DPIIT recognized startup with established digital platform for solar industry(p.14)
- • Promoters have combined experience of over 48 years in renewable energy and IT(p.14)
- • Strong revenue growth trajectory with PAT growth from ₹2.07 Cr (FY2020) to ₹176.38 Cr (FY2023)(p.17)
- • Diversified business model across software, marketplace, and advisory services(p.14)
- • AI-based intelligent solar digital platform with SaaS products for process streamlining(p.14)
- • Experienced promoters with 48+ years combined renewable energy and IT expertise(p.104)
- • Asset-light business model enabling cost efficiency and supplier flexibility(p.117)
- • Established government and corporate client relationships(p.104)
- • Experienced promoter team with combined 48+ years in renewable energy and IT(p.128)
- • DPIIT recognized startup with established digital platform for solar industry(p.128)
- • Diversified revenue streams across software, marketplace, and advisory services(p.128)
- • Strong profitability growth with PAT increasing from ₹2.07L (FY20) to ₹176.38L (FY23)(p.178)
- • Strong revenue growth trajectory(p.181)
- • Significant profitability improvement(p.182)
- • DPIIT-recognized startup status(p.181)
- • Zero debt capital structure(p.186)
- • Positive net worth and improving margins(p.182)
- • High customer concentration risk with top 10 customers contributing 89.89% of FY2020 revenues(p.22)
- • No long-term customer agreements; loss of major customers could significantly impact revenue(p.22)
- • Majority of revenue from AHA Marketplace dependent on transaction volumes and fees which may decline due to competition(p.22)
- • High-volume low-margin AHA Marketplace business requiring higher turnover for profitability(p.22)
- • Negative operating cash flow in FY2023 (-₹21.76 Cr) despite positive profitability(p.26)
- • Company relies on leased premises which could be terminated, disrupting operations(p.21)
- • Heavy dependence on Promoters and key management whose departure could impair business strategy execution(p.24)
- • Past compliance issues including delayed GST filings and RoC form discrepancies(p.26)
- • Dependency on third-party service providers(p.119)
- • Lack of brand awareness in the market(p.119)
- • High dependence on trade receivables (₹282.32L) relative to revenue(p.169)
- • Concentration of revenue in few categories with marketplace accounting for 74.92% of revenue(p.170)
- • Limited long-term asset base with intangible assets of ₹69.44L vulnerable to impairment(p.158)
- • High customer concentration risk(p.185)
- • Significant supplier concentration(p.185)
- • Rapid employee cost escalation(p.182)
- • Negative operating cash flows(p.180)
- • Increasing working capital days(p.180)
- • India on track to achieve Paris Agreement renewable energy targets with ambitious 500 GW capacity by 2030(p.15)
- • Strong renewable energy sector growth with over ₹5.2 lakh crore invested since 2014 and FDI of US$12.57 billion(p.15)
- • Expanding distributed renewable energy market opportunity through government programs and digitalization(p.14)
- • Increasing adoption of digital solutions and AI-based platforms in solar and renewable energy sector(p.24)
- • Expansion potential into new geographies and customer segments through investments in human capital and technology(p.24)
- • India's 500 GW renewable energy target by 2030 requiring technology solutions(p.96)
- • Expanding geographic presence across 38 Indian cities for solar adoption(p.106)
- • Opportunities in new renewable energy verticals beyond solar(p.118)
- • Growing data center market requiring digital infrastructure and cloud solutions(p.123)
- • Government push for renewable energy adoption through digital transformation(p.123)
- • Emerging technologies creating demand for IT solutions in renewable energy sector(p.123)
- • National Digital Communications Policy 2018 framework supporting digital technology adoption(p.122)
- • Renewable energy sector growth(p.181)
- • Market aggregator model expansion(p.182)
- • Government advisory and policy engagement(p.183)
- • Diversified service offerings in solar domain(p.183)
- • High dependence on information technology systems; failure could disrupt all business operations(p.23)
- • Regulatory permits and licenses required for operations may not be renewed or could be suspended(p.23)
- • Short-duration client contracts with termination clauses create revenue uncertainty(p.26)
- • Risk of data security breaches and liability for system failures affecting client operations(p.26)
- • Economic sensitivity to government policies, taxes, and renewable energy regulatory changes(p.31)
- • COVID-19 pandemic or other public health emergencies could disrupt supply chains and customer demand(p.30)
- • Cyclical nature of renewable energy sector dependent on government initiatives and macroeconomic conditions(p.13)
- • Client payment delays or defaults affecting cash flows and liquidity(p.26)
- • Low industry entry barriers enabling new competitor emergence(p.120)
- • Change in government policies affecting renewable energy programs(p.119)
- • Regulatory changes in data protection and IT operations through evolving compliance requirements(p.122)
- • Complex regulatory landscape for foreign trade and FDI affecting overseas expansion(p.124)
- • E-waste compliance requirements increasing operational costs and compliance burden(p.123)
- • Multiple taxation compliance requirements including GST, income tax, and customs duties(p.123)
- • Macroeconomic uncertainties and inflation(p.184)
- • Competition from existing market players(p.185)
- • Supply chain disruption risks(p.180)
- • Technology obsolescence risk(p.180)
- • Government policy and regulatory changes(p.180)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Piyushkumar Vasantlal Bhatt | Promoter | 9.40% | 6.91% |
| Mr. Pulkit Dhingra | Promoter | 24.92% | 18.31% |
| Mr. Shatrughan Harinarayan Yadav | Promoter | 6.58% | 4.83% |
| Mr. Vipin Sharma | Promoter | 9.40% | 6.91% |
| Mr. Piyushkumar Vasantlal Bhatt | Promoter | 9.40% | 6.91% |
| Mr. Pulkit Dhingra | Promoter | 24.92% | 18.31% |
| Mr. Vipin Sharma | Promoter | 9.40% | 6.91% |
| Mr. Shatrughan Harinarayan Yadav | Promoter | 6.58% | 4.83% |
| Piyushkumar Vasantlal Bhatt | Promoter | 10.00% | — |
| Pulkit Dhingra | Promoter | 31.00% | — |
| Shatrughan Harinarayan Yadav | Promoter | 7.00% | — |
| Vipin Sharma | Promoter | 5.00% | — |
| Piyushkumar Vasantlal Bhatt | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.