Market News
3 min read | Updated on July 19, 2024, 10:53 IST
SUMMARY
After listing, shares rallied to a high of ₹359.1 per share, up 99% from the issue price and 5% from the listing price due to investors' buying. More than 2.1 lakh company shares were traded in the first five minutes of the session.
Sati Poly Plast IPO allotment expected on July 18
Sahaj Solar Ltd. made a stellar debut on the NSE SME platform Emerge on Friday, listing its shares at a premium of nearly 90% over the issue price.
The solar solutions provider's shares started trading at ₹342 per share against the issue price of ₹180 per share, reflecting robust gains of 90% over the issue price.
Shares further rallied to a high of ₹359.1 per share, up 99% from the issue price and 5% from the listing price on investors' buying.
More than 2.10 lakh shares of the company were traded in the first five minutes of the session. The traded value was ₹ 7 crore. Its market valuation was ₹394.51 crore.
The EPC services provider and solar products manufacturer Sahaj Solar launched its public offer to raise a total of ₹52.56 crore from investors. The issue comprised a fresh issue of 29.2 lakh shares. The IPO was open for subscription from July 11 to July 15.
The company fixed the price band at ₹171 to ₹180 per share for the public offer. The minimum lot size was 800 shares, and the minimum investment required was ₹144,000 for retail investors. Kfin Technologies Limited was the IPO registrar.
The SME public offer of Sahaj Solar was subscribed 507.21 times. Applications for 98.88 crore shares worth ₹17,999 crore were received against 19.49 lakh shares on offer.
The quota for retail individual investors was booked 535.03 times, and the qualified Institutional Buyers’ category was booked 214.27 times. The non-institutional investors’ quota was subscribed 862 times.
Ahead of the IPO's launch, the company raised ₹14.83 crore from three anchor investors. The company issued 824,000 shares at a price of ₹130 per share to three fund schemes: the Persistent Growth Fund, Acintyo Investment Fund PCC, and CCV Emerging Opportunities Fund.
Sahaj Solar has been providing solar solutions in major verticals of renewable power generation for more than a decade. The company manufactures solar products and also provides EPC services for solar projects.
The company is engaged in three businesses: PV Module manufacturing, solar pumping systems, and EPC Services.
Sahaj Solar has a PV Module manufacturing plant with a capacity of 100 MWs in Bavla, Ahmedabad, Gujarat. The company also designs and customises solar mobile trolleys for usage in rural and remote areas.
The company has proposed to utilise up to ₹39.42 crore from the Net Proceeds towards funding its working capital requirements in FY 2024-25 as per the requirement.
For the rest of the funds, its board will have flexibility in applying the balance amount towards part or full repayment/prepayment of outstanding borrowings, meeting our working capital requirements, funding our growth opportunities, including strategic initiatives, and meeting expenses incurred in the ordinary course of business, including salaries and wages.
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