IPO Wrap, Sept 23: Saatvik Green ends with nearly 7x booking; Seshaasai Tech sees 99% subscription on day 2

The primary market witnessed a hectic day on Tuesday, September 23. As many as eight mainboard initial public offerings (IPOs) were active, with issues of Saatvik Green Energy and GK Energy ending their subscription.

New IPOs that opened on Tuesday include Solarworld Energy Solutions, Anand Rathi Share and Stock Brokers, Jaro Institute, and Seshaasai Technologies. Ongoing public issues currently open for subscription include Atlanta Electricals and Ganesh Consumer Products.

Here’s a look at the major developments in the IPO market on Tuesday, September 23:

The initial public offering of solar energy solutions provider Solarworld Energy Solutions hit the primary market on Tuesday. The issue will conclude on Thursday, September 25.

The IPO was subscribed 1.23 times on the first day of bidding and received 9,918,048 bids against 8,093,092 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.00x

• Non-institutional Investors: 1.45x

• Retail Individual Investors (RIIs): 4.56x

The initial share sale seeks to raise ₹490 crore by offering new shares aggregating to ₹440 crore and an offer for sale (OFS) component of ₹50 crore by the promoter selling shareholder Pioneer Facor IT Infradevelopers Private Limited.

Proceeds from the fresh issue will be utilised for investment in the company's subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 gigawatt (GW) Solar PV TopCon manufacturing plant in Madhya Pradesh and general corporate purposes.

With the price band of ₹333 to ₹351 per share, a lot consists of 42 shares.

The IPO of Anand Rathi Share and Stock Brokers opened for subscription on Tuesday. On its debut day, the issue garnered moderate investor interest, with 40% of the offer subscribed. It had received 5,409,144 bids against 133,6334 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.01x

• Non-institutional Investors: 0.53x

• Retail Individual Investors (RIIs): 0.53x

The price band for the issue has been fixed at ₹393-₹414 per share. The initial share sale is completely a fresh issuance of new equity shares aggregating to ₹745 crore without an offer for sale (OFS) component.

The objectives of the offer include meeting the company’s working capital requirements and funding general corporate purposes.

The basis of allotment for the Anand Rathi Share and Stock Brokers IPO is expected to be finalised on September 26. The refunds for non-allottees and credit of shares to the Demat accounts of successful applicants are likely to be processed by September 29.

The company's shares will start trading on the stock exchanges on September 30.

Jaro Institute of Technology Management and Research IPO launched on Tuesday, September 23, to raise ₹450 crore. The issue, with a price band of ₹846 to ₹890 per share, will end on September 25.

The initial public offering has been booked 0.87 times by the end of the first day of bidding. It had received 3,241,168 bids against 3,723,404 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.47x

• Non-institutional Investors: 1.82x

• Retail Individual Investors (RIIs): 0.69x

The initial share sale consists of a fresh issuance of shares aggregating to ₹170 crore and an offer for sale (OFS) of shares worth ₹280 crore by promoter Sanjay Namdeo Salunkhe.

The fresh issue proceeds to the tune of ₹81 crore will be allocated for marketing, brand building and advertising activities, ₹45 crore for repaying certain debt and the rest for corporate general purposes.

Retail investors can apply for at least 16 shares and in multiples thereafter.

Payments solutions provider Seshaasai Technologies' ₹813.07 crore initial public offering opened for subscription on Tuesday. The issue, which will conclude on September 25, has set a price band of ₹402 to ₹423 per share.

The initial share sale is a combination of a fresh issuance of shares valued at ₹480 crore and an offer for sale (OFS) totalling ₹333.07 crore by promoters Gautam Sampatraj Jain and Pragnyat Pravin Lalwani.

Of the fresh issue proceeds, funds worth ₹198 crore will be allocated to expand existing manufacturing facilities, ₹300 crore for clearing certain debt and the remainder for general corporate purposes.

The initial public offering of Seshaasai Technologies was booked 0.99 times on the first day of bidding. It had received 13,626,445 bids against 13,767,095 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.01x

• Non-institutional Investors: 1.86x

• Retail Individual Investors (RIIs): 1.15x

The initial public offering of Atlanta Electricals Ltd, which is into the manufacturing of power, auto and inverter duty transformers, has been subscribed 3.07 times on the second day of bidding. It had received 20,094,134 bids against 6,538,439 reserved shares.

• Qualified Institutional Buyers (QIBs): 1.48x

• Non-institutional Investors: 5.55x

• Retail Individual Investors (RIIs): 2.93x

The initial share sale seeks to raise ₹687.34 crore by offering new equity shares valued at ₹400 crore and an offer for sale (OFS) aggregating to ₹287.34 crore.

Under the OFS, Hemang Harendra Shah, Nimish Harendra Shah, Atlanta UHV Transformers LLP, Gitaben Harshadbhai Mehta, Dhaval Harshadbhai Mehta and Jignesh Suryakant Patel will offload their stake.

The fresh issue proceeds will be used for repayment of certain outstanding borrowings, working capital needs and general corporate purposes.

The initial public offering of Ganesh Consumer Products has been subscribed 0.41 times on the second day of bidding. It had received 3,676,228 bids against 8,912,228 reserved shares.

• Qualified Institutional Buyers (QIBs): 0.51x

• Non-institutional Investors: 0.23x

• Retail Individual Investors (RIIs): 0.43x

The ₹408.80 crore IPO, with a price band of ₹306 to ₹322 per share, is a combination of a fresh issuance of shares worth up to ₹130 crore and an offer-for-sale of 86.58 lakh shares totalling ₹279 crore by promoter and investor-selling shareholders, including Manish Mimani, Madhu Mimani, India Business Excellence Fund II and India Business Excellence Fund IIA.

Of the fresh issue proceeds, ₹60 crore will be used for debt payment, ₹45 crore for establishing a roasted gram flour and gram flour manufacturing unit in Darjeeling, and for corporate general purposes.

Investors can apply for a minimum of one lot, consisting of 46 shares.

The solar panel manufacturer Saatvik Green Energy issue was subscribed 6.57 times on the last day of bidding. It had received 93,808,544 bids against 14,271,970 reserved shares.

• Qualified Institutional Buyers (QIBs): 10.84x

• Non-institutional Investors: 10.04x

• Retail Individual Investors (RIIs): 2.66x

The company's maiden public offering worth ₹900 crore is a combination of a fresh issuance of shares valued at ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters Parmod Kumar and Sunila Garg.

Proceeds from the fresh issue to the tune of ₹477.23 crore will be invested in Saatvik Solar Industries Pvt Ltd for establishing a 4 GW solar PV module manufacturing plant in Odisha, and ₹166.44 crore will be infused into the subsidiary for debt repayment.

The firm will also use ₹10.82 crore to clear certain borrowings at the parent level, while the remainder of funds will be used for general corporate purposes.

The IPO of GK Energy was booked 89.62 times by the end of the last day of bidding. It had received 198,777,0946 bids against 22,180,828 reserved shares.

• Qualified Institutional Buyers (QIBs): 186.29x

• Non-institutional Investors: 122.72x

• Retail Individual Investors (RIIs): 20.79x

The initial share sale seeks to raise ₹464.26 crore by offering new equity shares valued at ₹400 crore and an offer for sale of ₹64.26 crore by promoters Mehul Ajit Shah and Gopal Rajaram Kabra.

Proceeds from the fresh issue to the tune of ₹322.5 crore will be used for funding long-term working capital requirements of the company, and the balance for corporate general purposes.

Before the IPO, the company mobilised ₹139.27 crore from anchor investors, including HSBC Mutual Fund (MF), Motilal Oswal MF, Pinebridge Global Funds, Bandhan MF, Citigroup Global Markets Mauritius, and Societe Generale, among others.