The ₹490 crore initial public offering (IPO) of Solarworld Energy opened for public subscription on September 23 and will close on September 25. Ahead of the IPO, the company raised ₹220.5 crore from anchor investors on September 22.
The issue includes a fresh issue of ₹440 crore and an offer for sale of ₹50 crore, with a price band fixed at ₹333 to ₹351 per share. The basis of allotment will be finalised on September 26, and shares are expected to list on BSE and NSE on September 30.
On the first day of subscription, the IPO was subscribed 1.23 times overall. Retail investors showed the most interest. They are applying for 4.56 times the shares available to them.
Non-institutional investors applied for 1.45 times their quota, while big institutional investors did not place any bids on the first day.
The company plans to use the funds from the fresh issue to invest in its subsidiary, Kartik Solarworld Private Limited, for setting up a 1.2 GW solar PV TopCon cell manufacturing plant in Madhya Pradesh, along with general corporate purposes.
On September 23, the grey market premium (GMP) for the Solarworld Energy IPO was ₹65. This suggests the shares could list at around ₹416 each, about 18.5% higher than the top price band. But experts warn that GMP is not official and should not be the only factor for making investment decisions.
Solarworld Energy is a company that offers solar energy solutions. The company handles the planning, construction, and management of solar power projects for government bodies.
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