Solarworld Energy Solutions Ltd, a leading provider of solar EPC services, is set to launch its ₹490 crore initial public offering (IPO) on September 23. The issue will close on September 25.
The IPO comprises a fresh issue of shares worth ₹440 crore and an offer for sale (OFS) of ₹50 crore by promoter Pioneer Facor IT Infradevelopers Pvt Ltd. The company has fixed a price band of ₹333–₹351 per equity share.
Proceeds from the fresh issue will be directed towards investment in its subsidiary, Kartik Solarworld Pvt Ltd, for part-financing a 1.2 GW solar PV TopCon cell manufacturing facility in Madhya Pradesh. Remaining funds will be allocated to general corporate purposes.
For retail investors, the minimum application size has been set at one lot, equivalent to 42 shares. Of the total issue, 75% is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 10% for retail investors.
Key IPO dates include finalisation of the basis of allotment on September 26, refund initiation and credit of shares to Demat accounts on September 29, followed by listing on NSE and BSE on September 30.
Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are acting as book-running lead managers to the issue, while MUFG Intime India Pvt Ltd is the registrar.
Established in 2013, Solarworld Energy Solutions specialises in engineering, procurement, and construction (EPC) services for solar projects. The company has executed numerous projects for public sector undertakings and large commercial and industrial clients, positioning itself as a comprehensive and cost-effective solutions provider in the solar sector.
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