Solarworld Energy IPO: Rs 220.5 Cr from Anchor Investors

New Delhi, Sep 22 (PTI) Solar energy solutions provider Solarworld Energy Solutions on Monday said it has garnered Rs 220.5 crore from anchor investors ahead of its initial share-sale opening for public subscription.

Pinebridge Global Funds, Motilal Oswal Mutual Fund (MF), Singularity Equity Fund I, VQ Fastercap Fund II, Citigroup Global Markets Mauritius and BNP Paribas Financial Markets are among the anchor investors, according to a circular uploaded on BSE's website.

As per the circular, Solarworld Energy Solutions has allotted 62.82 lakh equity shares to 15 funds at Rs 351 apiece.

The Rs 490-crore initial public offering (IPO) will open for subscription on September 23 and conclude on September 25. The price band has been fixed in the range of Rs 333 to Rs 351 per share.

At the upper end, the company is valued over Rs 3,000 crore.

The IPO is a combination of fresh issuance of equity shares worth Rs 440 crore, and an offer-for-sale of shares valued Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.

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

The company said that 75 per cent of the offer size has been earmarked for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Solarworld Energy Solutions, a solar energy solutions provider, specialises in engineering, procurement and construction services for solar power projects.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book running lead managers to the issue. Solarworld Energy is expected to make its stock market debut on September 30.