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What is the story about?
Shares of Solarworld Energy Solutions Ltd. made their stock market debut on Tuesday, September 30, along with three other companies. The stock listed at a premium in comparison to its issue price.
The stock began trading at a price of ₹389 per share, which is 11% higher in comparison to its issue price of ₹351 per share.
The ₹490 crore IPO opened for subscription on September 23 and ended on September 25.
Shares were sold at the upper end of the price band of ₹333 to ₹351 apiece. The entire issue comprises of a fresh issue of ₹440 crore and an offer for sale (OFS) of ₹50 crore by its promoter Pioneer Facor IT Infradevelopers.
Solarworld Energy witnessed overall subscription of 65.01 times the total shares on offer. The IPO received total bids of 52.6 crore shares compared to the 80.83 lakh on offer, according to NSE data.
The IPO subscription was led by qualified institutional buyers, whose portion was subscribed 70.43 times the shares on offer.
The portion reserved for non institutional investors was subscribed 64.73 times, while the retail investors' portion witnessed a 49.15x subscription.
Solarworld Energy plans to add the funds from the IPO to its pre-IPO funds and establish a 1.2 gigawatt (GW) solar pV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh via Kartik Solarworld. The remaining funds will be allocated for generate corporate purposes, while the offer-for-sale proceeds will go to the selling shareholder.
Solarworld Energy Solutions was incorporated in 2013. It operates in the solar energy sector, specialises in engineering, procurement and construction (EPC) services for solar power projects. It provides end-to-end solutions to public sector undertakings (PSUs) and commercial and industrial clients.
Reports from the unlisted market indicated that the shares of Solarworld Energy were trading at a premium of ₹36 apiece, which indicates a listing at a premium in comparison to its issue price. However, it must be noted that these are speculative rates and may not have a bearing on the actual listing price.
Three other companies Jaro Institute of Technology Management and Research, Anand Rathi , and Seshaasai Technologies are also making their stock market debut today.
The stock began trading at a price of ₹389 per share, which is 11% higher in comparison to its issue price of ₹351 per share.
The ₹490 crore IPO opened for subscription on September 23 and ended on September 25.
Shares were sold at the upper end of the price band of ₹333 to ₹351 apiece. The entire issue comprises of a fresh issue of ₹440 crore and an offer for sale (OFS) of ₹50 crore by its promoter Pioneer Facor IT Infradevelopers.
Solarworld Energy witnessed overall subscription of 65.01 times the total shares on offer. The IPO received total bids of 52.6 crore shares compared to the 80.83 lakh on offer, according to NSE data.
The IPO subscription was led by qualified institutional buyers, whose portion was subscribed 70.43 times the shares on offer.
The portion reserved for non institutional investors was subscribed 64.73 times, while the retail investors' portion witnessed a 49.15x subscription.
Solarworld Energy plans to add the funds from the IPO to its pre-IPO funds and establish a 1.2 gigawatt (GW) solar pV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh via Kartik Solarworld. The remaining funds will be allocated for generate corporate purposes, while the offer-for-sale proceeds will go to the selling shareholder.
Solarworld Energy Solutions was incorporated in 2013. It operates in the solar energy sector, specialises in engineering, procurement and construction (EPC) services for solar power projects. It provides end-to-end solutions to public sector undertakings (PSUs) and commercial and industrial clients.
Reports from the unlisted market indicated that the shares of Solarworld Energy were trading at a premium of ₹36 apiece, which indicates a listing at a premium in comparison to its issue price. However, it must be noted that these are speculative rates and may not have a bearing on the actual listing price.
Three other companies Jaro Institute of Technology Management and Research, Anand Rathi , and Seshaasai Technologies are also making their stock market debut today.
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