Saatvik Green Energy IPO Final Day: QIBs Still Underbid, GMP Indicates Muted Listing
Saatvik Green Energy IPO was subscribed 122% times as of 10:30 a.m. on Tuesday.
Saatvik Green Energy Ltd.'s initial public offering entered its third and final day of subscription on Tuesday. The IPO was fully booked on Monday. Except for the portion for institutional investors, others have been oversubscribed.
The Rs 900-crore IPO comprises of fresh issue of 1.51 crore shares, worth Rs 700 crore, and an offer-for-sale component of 43 lakh shares, amounting to Rs 200 crore. The price band is Rs 442 to Rs 465 per equity share.
The company raised Rs 269 crore from anchor investors last week, ahead of its initial public offering. The company allotted 57.94 lakh shares at Rs 465 apiece to nine anchor investors.
The allotment of shares to IPO investors will be Sept. 24. The company is set to list on the BSE and the National Stock Exchange on Sept. 26.
The proceeds from the issue to the tune of Rs 477.23 crore will be invested in Saatvik Solar Industries Pvt., a subsidiary of the company, for setting up a 4-gigawatt solar PV module manufacturing facility in Gopalpur.
Saatvik Green Energy will also be using Rs 166.44 crore for prepayment or scheduled repayment of outstanding borrowings of the subsidiary, while it will use Rs 10.82 crore to repay certain borrowings at the parent level, and the remaining funds will be set aside for general corporate purposes.
Subscription: Day 3
Saatvik Green Energy IPO was subscribed 122% times as of 10:30 a.m. on Tuesday.
Institutional buyers: 2% times
Non-institutional investors: 1.6 times
Retail investors: 1.72 times
Employee reserved: 3.78 times
IPO GMP Today
The latest grey market premium for the Saatvik Green Energy IPO was Rs 9 per share, as per Investorgain. The latest GMP indicates an estimated listing price of Rs 474 apiece at a premium of 2% over the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
