Solarworld Energy IPO Subscribed 4x on Day 2

New Delhi, Sep 24 (PTI) The initial public offer of Solarworld Energy Solutions Ltd received four times the subscription on the second day of the share sale on Wednesday.

The IPO received bids for 3,23,49,282 shares against 80,93,092 shares on offer, according to details available with the NSE.

Retail individual investors (RIIs) portion fetched 13.63 times subscription. The category for non-institutional investors subscribed 5.53 times, and the qualified institutional buyers (QIBs) quota attracted 2 per cent subscription.

Solarworld Energy Solutions on Monday said it has garnered Rs 220.5 crore from anchor investors.

The Rs 490-crore initial public offering (IPO) will conclude on Thursday. The price band has been fixed in the range of Rs 333-351 per share.

At the upper end of the price band, the company is valued at 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 at 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.

Solarworld Energy Solutions 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.