Solarworld Energy's Rs 490-cr IPO attracts 65 times subscription

New Delhi, Sep 25 (PTI) The initial share sale of Solarworld Energy Solutions Ltd was subscribed 65 times on the last day of bidding on Thursday.

The company's initial public offer (IPO) received bids for 52,60,95,906 shares against 80,93,092 shares on offer, according to details available with the NSE website.

The quota for qualified institutional buyers (QIBs) was subscribed 70.43 times, while the category for non-institutional investors attracted 64.73 times subscription. The portion for retail individual investors (RIIs) received 49.15 times bidding.

Solarworld Energy Solutions on Monday said it has garnered Rs 220.5 crore from anchor investors.

The Rs 490-crore initial public offering has a price band of Rs 333-351 per share.

At the upper end of the price band, the company is valued at over Rs 3,000 crore.

The IPO is 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.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue. SolarWorld Energy is expected to make its stock market debut on September 30. PTI SUM SUM BAL BAL