Solarworld Energy Solutions IPO Day 2 LIVE: Solarworld Energy Solutions’ initial public offering (IPO) entered its second day of bidding today. The issue sailed through on first day amid retail and NII demand.
The ₹490-crore IPO, which is set to close on September 25, has a price band set between ₹333 and ₹351 per share. At the upper end of this range, the company’s valuation exceeds ₹3,000 crore.
The IPO consists of a fresh issue of equity shares worth ₹440 crore and an offer-for-sale (OFS) of shares worth ₹50 crore by the promoter, Pioneer Facor IT Infradevelopers.
Proceeds from the fresh issue will be used to invest in the company’s subsidiary, Kartik Solarworld, to partly fund the development of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, and for general corporate purposes.
Ahead of the share sale, the company said it raised ₹220.5 crore from anchor investors.
Solarworld Energy Solutions IPO GMP
Solarworld Energy Solutions’ IPO grey market premium (GMP) stands at ₹65. Given the upper end of the price band is ₹351 per share, the estimated listing price is ₹416. This implies an expected gain of ₹65 per share, translating to an approximate listing premium of 18.52% over the issue price.
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