Topsun Energy to Launch ₹72 Crore IPO - Major Focus on Government Solar Projects
By Ankur Chandra | Updated at: Jun 26, 2025 11:57 AM IST
Mumbai, 26 June 2025: Topsun Energy Limited has submitted its Draft Red Herring Prospectus (DRHP), outlining plans to float an initial public offering (IPO) worth ₹72 crore on the BSE SME platform. The IPO will consist entirely of a fresh issue of 72,00,000 equity shares, with no Offer for Sale (OFS) component.
Details regarding the price band, issue dates, and lot size are yet to be disclosed.
IPO Summary Key Information at a Glance
| Detail | Information |
|---|---|
| Issue Opens | [To be announced] |
| Issue Closes | [To be announced] |
| Price Band | ₹[●] – ₹[●] |
| Issue Size | ₹[●] crore / 72,00,000 shares |
| Listing Exchange | BSE SME |
| Allotment Date | [To be announced] |
| Listing Date | [To be announced] |
Use of IPO Proceeds – Capital to Back Government EPC Projects
As per the DRHP dated 24 June 2025, Topsun Energy intends to utilise the IPO funds as follows:
- ₹70 crore towards working capital requirements
- Remainder for general corporate purposes
The funding will support the execution of large-scale government solar Engineering, Procurement, and Construction (EPC) projects and Operations & Maintenance (O&M) contracts.
Company Overview – From Solar Manufacturer to EPC Specialist
Founded in 2007, Topsun Energy originally operated as a solar panel manufacturer. In 2022, the company transitioned its business model to focus primarily on EPC services.
Current offerings include:
- Solar power plant installations
- Solar water pumping systems
- EV charging infrastructure
- Drone-based agricultural services
In FY25, over 95% of the company’s revenue was sourced from government contracts, predominantly in Uttar Pradesh, Rajasthan, and Gujarat.
As of 31 March 2025, Topsun held an active order book worth ₹336.6 crore, spread across 16 government projects.
Financials – Strong Growth in Profitability and Revenue
| 9M FY25 (Dec 2024) | ||
|---|---|---|
| Revenue from Operations | ₹105.1 crore | ₹140.2 crore |
| Profit After Tax (PAT) | ₹3.11 crore | ₹8.31 crore |
| Net Worth | ₹30 crore | ₹38.3 crore |
| Total Borrowings | ₹45.8 crore | ₹48.4 crore |
| EPS (Basic & Diluted) | ₹2.77 | ₹7.39 |
Following its EPC pivot, the company recorded a 2.5x surge in PAT in FY25’s first nine months, underscoring the financial viability of its new strategic direction.
Promoters and Shareholding Pattern
Chintan Patel and family are the principal promoters of the company.
- Pre-issue promoter holding: 51.96%
- Post-issue shareholding will be updated post-finalisation of the allotment and price band.
IPO Managers and Market Maker
- Book Running Lead Manager (BRLM): Interactive Financial Services Limited
- Registrar: Bigshare Services Pvt Ltd
- Market Maker: Aftertrade Broking Pvt Ltd (formerly RCSPL)
Key Watchpoints for Investors
- Heavy dependency on government contracts poses revenue concentration risks
- Outstanding order book of ₹336.6 crore ensures strong visibility
- No external private equity or venture capital investors currently onboard
- Working capital-heavy operations with notable trade receivables
IPO proceeds are expected to strengthen liquidity and support expansion into upcoming solar EPC and maintenance contracts.
Further updates on GMP trends, investor allocations, and listing timeline will follow once the Red Herring Prospectus (RHP) and price band are officially announced.
REF: https://www.bsesme.com/download/362521/SME_IPO InPrinciple/DRHP_Topsun_20250624194018.pdf
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