The price band for the IPO has been fixed at ₹333 to ₹351 per share, with a lot size of 42 shares. The minimum investment required for retail investors is ₹14,742.
Anchor book details
Ahead of the IPO opening, Solarworld Energy Solutions raised ₹220.5 crore from 14 anchor investors on September 22.
VQ Fastercap Fund was the largest anchor investor, acquiring 12.79 lakh shares worth ₹44.89 crore. Other notable investors included Pinebridge Global Funds, Singularity AMC, and Motilal Oswal AMC, each purchasing 7.09 lakh shares worth ₹24.89 crore.
Additional buyers in the anchor book included Citigroup Global, BNP Paribas, Varanium Dynamic Trust, Nuvama Private Investment Trust, Cognizant Capital, LC Pharos, India Max Investment Fund, Capri Global, Golden Equity Fund, and Astrone Capital.
IPO structure
The IPO consists of a fresh issue of ₹440 crore and an offer-for-sale (OFS) of ₹50 crore by promoter Pioneer Facor IT Infradevelopers.
Solarworld Energy IPO Objective
The company plans to use ₹420 crore of the fresh issue proceeds (including pre-IPO funds) for establishing a 1.2 GW solar PV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh through Kartik Solarworld. The remaining funds will be allocated for general corporate purposes, while the offer-for-sale proceeds will go to the selling shareholder.
Should you invest?
Brokerage firm Anand Rathi said that Solarworld Energy Solutions operates in a highly competitive and fragmented market. The growth of the solar sector in India is driven by strong government support, reflected in aggressive and sustained tendering initiatives.
The company is well-positioned to capitalise on these trends for long-term profitability, which is why it has assigned a 'Subscribe for long term' recommendation to the IPO.
On the valuation front, based on annualised FY25 earnings, the company is seeking a P/E of 39.6x and a post-issue market capitalisation of approximately ₹3,042 crore, making the IPO appear fully priced.
Company description
Incorporated in 2013, Solarworld Energy Solutions operates in the solar energy sector, specialising in EPC services for solar power projects. The company provides end-to-end solutions to public sector undertakings (PSUs) and commercial and industrial (C&I) clients.
Nuvama Wealth Management and SBI Capital Markets are the book-running lead managers for the IPO, while MUFG Intime India is the registrar.
The allotment for the IPO is expected to be finalized on September 26, and the company’s shares will be listed on the BSE and NSE with a tentative listing date set for September 30.
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