Solarworld Energy Solutions Sets Price Band for Landmark IPO

Solarworld Energy Solutions has fixed its IPO price band at Rs 333 to Rs 351 per share, raising Rs 490 crore. The offering comprises fresh equity and an offer-for-sale by a promoter. Proceeds will fund a manufacturing facility. The IPO opens on September 23 and closes on September 25.

Solarworld Energy Solutions, a prominent solar energy solutions provider, has announced a price band of Rs 333 to Rs 351 per share for its forthcoming initial public offering, aimed at raising Rs 490 crore.

Slated to open for subscription from September 23 to September 25, the IPO includes fresh equity shares worth Rs 440 crore and an offer-for-sale valued at Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.

The funds raised will support investments in Kartik Solarworld for building a manufacturing facility in Madhya Pradesh. Qualified institutional buyers are allocated 75% of the offer, non-institutional investors 15%, and retail investors 10%. The company expects to list on September 30.

(With inputs from agencies.)