Solarworld Energy Solutions share price makes strong debut on Indian stock market by listing at nearly 11 per cent premium over the IPO price.
The Solarworld Energy Solutions shares listed at ₹388.50 at National Stock Exchange and ₹389 at Bombay Stock Exchange (BSE), as compared to the IPO price of ₹351 per share.
Ahead of the listing, the shares of Solarworld Energy Solutions were commanding a strong premium of ₹40 in the grey market, as per market observers.
Solarworld Energy Solutions IPO details
During the subscription period, the IPO drew an exceptional response from investors across all categories, receiving bids for 52.58 crore shares against 76.78 lakh shares available, translating into a subscription of 68.49 times, as per exchange data.
This strong demand ranks it among the most subscribed mainboard IPOs of September and one of the biggest of the year so far.
The ₹490 crore issue included a fresh issue of 1.25 crore shares worth ₹440 crore and an offer for sale of 0.14 crore shares totaling ₹50 crore.
Priced at ₹351 per share, the IPO had a lot size of 42 shares, with the minimum retail investment set at ₹14,742 at the upper band.
Proceeds from the fresh issue will be utilized to invest in the company’s subsidiary, Kartik Solarworld, for partly funding the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, and to meet general corporate purposes.
The company asserts that it is among the top providers of solar energy solutions, with expertise in engineering, procurement, and construction (EPC) services for solar power projects.
Nuvama Wealth Management Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
