Ahmedabad-based renewable energy solutions provider Soleos Energy has filed a draft red herring prospectus (DRHP) for an initial public offering (IPO).

The IPO will comprise a fresh issue of up to 11 million equity shares and an offer for sale of up to 9 million equity shares by existing shareholders. The equity shares have a face value of ₹5 (~$0.05) each.

The company may also consider a pre-IPO placement of up to 20% of the fresh issue size.

Of the net proceeds, ₹1.14 billion (~$11.78 million) is proposed to be utilized to establish a 2.2 GWh battery energy storage system manufacturing facility at Suraj in Mehsana, Gujarat. Another ₹200 million (~$2.07 million) will be used to repay or prepay certain outstanding borrowings. The remaining proceeds will be used for general corporate purposes.

The proposed 2.2 GWh BESS manufacturing facility will manufacture lithium iron phosphate (LFP) chemistry and prismatic cells for its battery packs.

It will also include a production line for manufacturing battery management systems, energy management systems, and inverter boards.

. The facility is expected to commence commercial production in April 2028.

In an exclusive interview with Mercom in July this year, Bhavesh Kumar Rathod, Founder and Managing Director at Soleos Energy, spoke about how energy storage could become a market bigger than solar and wind combined.

Soleos provides engineering, procurement, and construction (EPC) services for solar projects, along with project development, operation and maintenance, solar equipment supply, and power generation services.

The company also operates a pilot BESS manufacturing facility at Kubadthal, Ahmedabad, with an annual production capacity of 100 MWh on a single-shift basis.

During the financial year 2026, the company commissioned 18 solar EPC projects with an aggregate capacity of 38.81 MW, compared with 12 projects totaling 37.05 MW in the previous financial year.

As of August 31, 2026, Soleos Energy had an unexecuted order book of ₹15.94 billion (~$164.70 million).

For the financial year ended March 31, 2026, the company reported revenue from operations of approximately ₹2.81 billion (~$29.04 million), compared with ₹2.22 billion (~$22.94 million) in the previous year.

In 2025, Soleos Solar Energy raised ₹200 million (~$2.26 million) from Gujarat Venture Finance to accelerate its next phase of business expansion.