Solarworld Energy IPO: Price Band Set At Rs 333-351 Per Share—Details Here

Solarworld Energy Solutions Ltd., announced the price band for its initial public offering, which is set to open on Tuesday, Sept. 23. The company has set the IPO price band at Rs 333 to Rs 351 per equity share for the public issue. The IPO will conclude on Sept. 25. The date of allotment of shares to IPO investors will be Sept. 26.

The IPO is a mix of fresh issuance of shares aggregating up to Rs 440 crore as well as an offer for sale of Rs 50 crore. The bidding for anchor investors will open for a day on Sept. 22, according to its public announcement.

Promoter Pioneer Facor IT Infradevelopers Pvt. Ltd., will offload its equity shares in the OFS, according to the draft red herring prospectus filed with the market regulator.

Solarworld Energy Solutions IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers or QIB, not more than 15% for non-institutional Institutional Investors or NII, and not more than 10% of the offer is reserved for retail investors.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd.. are the lead book-running managers for the issue, while MUFG Intime India Pvt Ltd., is the registrar for the issue. The company will list on the BSE and NSE on Sept. 30.

Solarworld Energy Solutions offers solar energy solutions, specialising in engineering, procurement and construction services for solar power projects. It commenced operations in 2013, providing comprehensive, end-to-end and cost-effective solutions for installing solar power projects for its clients', which comprise public sector undertakings and commercial and industrial clients.

Its customer mix includes SJVN Green Energy Ltd., Ethnic Food Manufacturing Pvt. Ltd., Haldiram Snacks Pvt. Ltd., and Samiksha Solarworld Pvt. Ltd.

The proceeds from the fresh issue will be used for investment in the subsidiary, Kartik Solarworld Pvt Ltd., for part-financing the establishment of a 1.2 GW solar PV TopCon Cell manufacturing facility in Madhya Pradesh and for general corporate purposes.