Solarworld Energy Solutions shares tank nearly 8 pc despite listing with premium

New Delhi, Sep 30 (PTI) Shares of Solarworld Energy Solutions Ltd on Tuesday ended nearly 8 per cent lower over the issue price of Rs 351, giving up all early gains.

At the BSE, the stock listed at Rs 389, a jump of 10.82 per cent from the issue price. However, later the stock lost momentum and ended at Rs 323.20, down 7.92 per cent.

The stock made its market debut at Rs 388.50, up 10.68 per cent on the NSE. But, it failed to carry forward the momentum and ended at Rs 323.50, a discount of 7.83 per cent.

The company's market valuation stood at Rs 2,801.26 crore.

The initial share sale of Solarworld Energy Solutions Ltd got subscribed 65 times on the last day of bidding on Thursday.

The company's Rs 490 crore Initial Public Offering (IPO) had a price band of Rs 333-351 per share.

The IPO was 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. PTI SUM SUM DR DR