Solarworld Energy's IPO Sparks Massive Investor Interest

Solarworld Energy Solutions Ltd's initial public offering (IPO) witnessed overwhelming demand, with investors subscribing 65 times the shares available by the final bidding day. According to NSE data, over 52 million shares were bid against an offering of 80,93,092 shares.

The IPO, priced between Rs 333-351 per share, aims to raise Rs 490 crore, valuing the company at over Rs 3,000 crore. Institutional buyers showed heightened interest, with their quota subscribed 70.43 times, while the non-institutional segment saw subscription levels of 64.73 times. Retail investors also strongly participated, with a subscription rate of 49.15 times.

The IPO comprises Rs 440 crore through fresh equity issuance and an Rs 50 crore offer-for-sale by Pioneer Facor IT Infradevelopers. Solarworld plans to use proceeds for investing in its subsidiary Kartik Solarworld to finance a 1.2 GW manufacturing facility in Madhya Pradesh. The company's shares are slated to debut on the stock market on September 30.

(With inputs from agencies.)