Solarworld Energy Makes Market Debut At Nearly 11% Premium
Solarworld Energy Ltd. made its stock market debut on Tuesday, listing at Rs 389 on the BSE and Rs 388 on the NSE, compared to its issue price of Rs 351. The stock opened at a premium of 10.8% on the BSE and 10.7% on the NSE, marking a modestly positive start for the company on its first day of trading.
The company's share allotment was completed on September 26, while the subscription window was open from September 23 to September 25.
The mainboard issue was oversubscribed 65.01 times. It received bids for 52,60,95,906 shares against 80,93,092 offered in the three days of bidding.
The Solarworld Energy Solutions IPO was a book build issue of Rs 490 crore. It comprises a fresh issue of 1.25 crore shares worth Rs 440 crore and an offer-for-sale (OFS) of 14 lakh shares amounting to Rs 50 crore by promoter Pioneer Facor IT Infradevelopers. The price band for the IPO was set between Rs 333 and Rs 351 per share.
Nuvama Wealth Management Ltd. were the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
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. . It is also a manufacturer of solar modules with an annual capacity of 1.8 GW.
The proceeds from the fresh issue are set to 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.
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