Solarworld Energy IPO Shines Bright with Quadruple Subscription

The initial public offering of Solarworld Energy Solutions Ltd, worth Rs 490 crore, received four times the subscription. Retail investors showed significant interest, with a 13.63 times subscription. Proceeds will fund a solar manufacturing facility in Madhya Pradesh. The IPO closes Thursday, with shares priced between Rs 333-351.

Solarworld Energy Solutions Ltd's initial public offering (IPO) garnered four times the subscription on its second day, reflecting strong investor appetite. The IPO saw bids for over 3.23 crore shares, significantly exceeding the 80.93 lakh shares on offer, as per NSE data.

Retail individual investors showed substantial interest, subscribing 13.63 times their allotted portion, while non-institutional investors subscribed 5.53 times. However, the qualified institutional buyers (QIBs) quota attracted only 2 per cent subscription. The IPO, valued at Rs 490 crore, closes on Thursday, with a price band of Rs 333-351 per share.

Funds from the fresh issue will finance a new solar manufacturing unit in Madhya Pradesh by Kartik Solarworld, a subsidiary, and meet other corporate expenses. Nuvama Wealth Management and SBI Capital Markets are leading the issue, with Solarworld's market debut expected on September 30.

(With inputs from agencies.)