Solarworld Energy Solutions IPO Day 2 Live Updates

 

The initial public offering (IPO) of Solarworld Energy Solutions entered its second day of subscription today. The issue witnessed strong interest right from the opening day, mainly driven by retail investors and non-institutional bidders.

 

The ₹490 crore IPO, which will remain open until September 25, is priced between ₹333 and ₹351 per share. At the upper end of this price band, the company’s market capitalization is estimated to be more than ₹3,000 crore.

 

The offering includes a fresh issue of shares worth ₹440 crore along with an offer-for-sale (OFS) of ₹50 crore by promoter Pioneer Facor IT Infradevelopers. Funds raised from the fresh issue will be used to make investments in its subsidiary, Kartik Solarworld, to help finance a 1.2 GW Solar PV TopCon manufacturing plant in Pandhurana, Madhya Pradesh. A portion will also be set aside for general corporate needs.

 

Before opening for public subscription, the company secured ₹220.5 crore from anchor investors, reflecting confidence in the issue.

 

Grey Market Premium (GMP)

 

In the unofficial market, Solarworld Energy Solutions shares are commanding a premium of ₹65. Based on the upper price band of ₹351, the implied listing price works out to ₹416 per share, indicating a potential 18.5 percent premium for investors.