Solarworld Energy Slumps Post-IPO Amid Market Volatility
Solarworld Energy Solutions Ltd's stock ended 8% lower than its issue price of Rs 351 despite an initial gain of over 10%. The company's market valuation stands at Rs 2,801.26 crore, post its Rs 490 crore IPO aimed at financing a new solar manufacturing facility.
- Country:
- India
Shares of Solarworld Energy Solutions Ltd experienced a notable downturn on Tuesday, closing nearly 8% below their issue price of Rs 351. The stock initially surged at the BSE, starting at Rs 389, a 10.82% premium, but closed at Rs 323.20, marking a 7.92% decline.
Similarly, on the NSE, the stock debuted at Rs 388.50, reflecting a 10.68% rise, yet failed to sustain this momentum, ending at Rs 323.50, a 7.83% lower than the issue price. As a result, the company's market capitalization stands at Rs 2,801.26 crore.
The Rs 490 crore Initial Public Offering (IPO) of Solarworld was subscribed 65 times on its final bidding day. The offering comprised Rs 440 crore from fresh equity and Rs 50 crore from an offer-for-sale by promoter Pioneer Facor IT Infradevelopers. Investment proceeds target a new solar manufacturing facility in Pandhurana, Madhya Pradesh.
(With inputs from agencies.)
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