Solarworld Energy Solutions IPO price band: The initial public offering (IPO) of Solarworld Energy Solutions has set its price band in the range of ₹ 333 to ₹ 351 per equity share of the face value of ₹ 5.
Solarworld Energy Solutions IPO subscription dates are fixed between September 23 and September 25. The allocation to anchor investors for the Solarworld Energy Solutions IPO is scheduled to take place on Monday, September 22.
The floor price is 66.60 times the face value, and the cap price is 70.20 times the face value of the equity shares. Solarworld Energy Solutions IPO lot size is 42 equity shares, and in multiples of 42 equity shares thereafter.
Solarworld Energy Solutions IPO has reserved not less than 75% of the shares in the public issue for qualified institutional buyers (QIB), not more than 15% for non-institutional Institutional Investors (NII), and not more than 10% of the offer is reserved for retail investors.
Tentatively, Solarworld Energy Solutions IPO basis of allotment of shares will be finalised on Friday, September 26, and the company will initiate refunds on Monday, September 29, while the shares will be credited to the demat account of allottees on the same day following the refund. Solarworld Energy Solutions share price is likely to be listed on the BSE and NSE on Tuesday, September 30.
Solarworld Energy Solutions IPO details
Solarworld Energy Solutions IPO consists of a fresh issuance of shares, totalling up to ₹440 crore, along with an offer for sale amounting to ₹50 crore.
Through the offer for sale, promoter Pioneer Facor IT Infradevelopers is divesting its stake.
The proceeds from the fresh issue will be allocated towards investment in the subsidiary, Kartik Solarworld, to partially fund the development of a 1.2 GW solar PV TopCon Cell manufacturing facility in Madhya Pradesh, and for general corporate purposes.
The lead managers of the issue are Nuvama Wealth Management and SBI Capital Markets. MUFG Intime India Pvt.Ltd is the registrar of the issue.
Company details
Solarworld Energy Solutions focuses on solar energy services, specializing in the engineering, procurement, and construction of solar power projects. Since starting operations in 2013, it has delivered comprehensive, cost-effective solutions for the installation of solar power projects for its clients, which include public sector undertakings (PSUs) as well as commercial and industrial entities.
The company’s clientele consists of SJVN Green Energy Limited, Ethnic Food Manufacturing Private Limited, Haldiram Snacks Private Limited, and Samiksha Solarworld Private Limited.