Solarworld Energy IPO Subscribed on Day 1

New Delhi, Sep 23 (PTI) The initial public offer of solar energy solutions provider Solarworld Energy Solutions Ltd got subscribed 1.23 times on the first day of bidding on Tuesday.

The IPO received bids for 99,18,048 shares against 80,93,092 shares on offer, according to NSE data.

Retail Individual Investors (RIIs) category fetched 4.56 times subscription, while the quota for non-institutional investors got subscribed 1.45 times.

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 September 25. The price band has been fixed in the range of Rs 333 to Rs 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.