Solarworld Energy Solutions IPO day 1: Check live subscription status, price band, lot size, objectives and key dates

Solarworld Energy Solutions IPO day 1: The initial public offering of solar energy solutions provider Solarworld Energy Solutions hit the primary market on Tuesday, September 23. The issue will conclude on Thursday, September 25.

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.

Solarworld Energy Solutions IPO day 1: Subscription status

On day 1 so far, the IPO received bids for 84,42,504 shares against 80,93,092 shares on offer, leading to 1.04 times subscription, as per NSE data until 3:56 pm.

Before the IPO, the company fetched ₹220.5 crore in the anchor round from investors, including Pinebridge Global Funds, Motilal Oswal Mutual Fund (MF), VQ Fastercap Fund II, Singularity Equity Fund I, BNP Paribas Financial Markets and Citigroup Global Markets Mauritius, among others.

As per the circular on the BSE website, Solarworld Energy allotted 62.82 lakh shares to 15 funds at ₹351 apiece.

Solarworld Energy Solutions IPO timeline: Allotment and listing date

SBI Capital Markets and Nuvama Wealth Management are the issue's book-running lead managers, while MUFG Intime India is the registrar.

Solarworld Energy Solutions IPO latest GMP

According to investorgain.com and media reports, unlisted shares of the Solarworld Energy Solutions IPO are trading at ₹416 per share, reflecting a grey market premium (GMP) of 18.52% over the upper price band of ₹351.