Solarworld Energy Solutions IPO Closes with Strong Oversubscription Across All Categories

New Delhi, 25 September – Solarworld Energy Solutions Limited’s ₹490 crore initial public offering (IPO) closed on 25 September with huge investor subscriptions, representing one of the most robust subscription responses seen in several months. The IPO saw bids for 52.58 crore shares against the offer size of 76.78 lakh shares, resulting in a total subscription of 68.49 times the offer size.

Oversubscription Across Investor Categories

Qualified Institutional Buyers (QIBs) subscribed 74.24 times, reflecting strong demand from both domestic financial institutions and foreign investor groups. Non-Institutional Investors (NIIs) showed even more enthusiasm, with a subscription rate of 68.21 times, with both big and small-sized high-net-worth individuals participating. Retail investors also remained more confident on the issue, and a subscription of 51.69 times was seen.

IPO Details and Utilisation of Proceeds

The IPO consisted of a fresh issue of ₹440 crore and an offer for sale of ₹50 crore. The price band was set at ₹333-₹351 per share, with a minimum bid lot of 42 shares. The company plans to utilise the fresh capital to partly fund a 1.2 GW Solar PV TopCon manufacturing facility in Madhya Pradesh via its subsidiary, Kartik Solarworld. The balance will be used for general corporate purposes.

Proposed Listing and Market Reaction

The IPO opened on September 23 and closed on September 25, with an expected listing of September 30. The lead managers for the offering were Nuvama Wealth Management Ltd. and SBI Capital Markets Ltd. The high level of oversubscription in this issuance is a strong indication of investor confidence in Solarworld’s commitment to renewable energy.

Outlook

Given the solid support of QIBs, HNIs, and retail investors, Solarworld Energy Solutions is likely to receive a premium listing. The company’s foray into solar PV manufacturing aligns with India’s renewable energy drive, enhancing its growth prospects.

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