Solarworld Energy Solutions Raises Rs 221 Crore From Anchor Investors Ahead Of IPO

Solarworld Energy Solutions Ltd. raised Rs 221 crore from anchor investors on Monday ahead of its initial public offering.

The company allotted 62.82 lakh shares at Rs 351 apiece to 15 anchor investors. This includes a share premium of Rs 346 per equity share, the firm said in an exchange filing on Monday.

VQ Fastercap Fund IL got the highest allocation of 20.36%. Pinebridge Global Funds - Pinebridge India Equity Fund and Motilal Oswal Large Cap Fund got the second highest allotment of 11.29% and Varanium Dynamic Trust got 9.93% stake in the company.

One mutual fund has applied through a scheme and netted 11.29% of the anchor portion. Motilal Oswal Large Cap Fund was the fundhouse in the category.

Nuvama Wealth Management Ltd. and SBI Capital Markets Ltd. are the book-running lead managers to the issue. MUFG Intime India Pvt. is the registrar for the issue.

The company will launch its initial public offering on Tuesday to raise up to Rs 490 crore. It has set a price band of Rs 333 to Rs 351 per share and conclude on Sept.25, comprising a mix of fresh issue of equity shares worth Rs 440 crore and an offer for sale of Rs 50 crore by promoters. The minimum application lot size is 42 shares.

The offer, which concludes on Thursday, is set to list on the BSE and the National Stock Exchange on Sept. 30.

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

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