Sahaj Solar IPO allotment finalised, how to check status online

Sahaj Solar IPO

Renewable energy solutions company Sahaj Solar has finalised the basis of allotment of IPO shares on July 16. Investors have been keenly awaiting the allotment status considering the massive oversubscription for the IPO.

The Rs 52.56-crore worth initial public offering was subscribed 471.45 times during July 11-15, with investors buying 98.81 crore equity shares as against the IPO size of 20.96 lakh shares. Retail investors were at the top, picking 1,246.7 times the portion set aside for them, followed by non-institutional investors and qualified institutional buyers who had bought 370 times and 214.1 times the portions set aside for them.

Investors who have applied for the public issue can check the share allotment status either on the NSE website or the portal of IPO registrar, by following few easy steps.

On the NSE website,
1) Create the login details and enter symbol 'SAHAJSOLAR'
2) Enter PAN number and Application number
3) Finally click on 'Get Data'

Alternatively on the IPO registrar's portal
1) Select IPO 'SAHAJ SOLAR LIMITED'
2) Select and accordingly enter either 'Application number', or 'Demat Account', or 'PAN'
3) Enter Captcha (mentioned in digits) and click on 'Submit'

Considering the robust subscription numbers, the allotment of Sahaj Solar IPO shares takes place on a proportionate basis and some investors may not get shares in allotment.

Also read: Dairy Dreams: Milky Mist eyes IPO at Rs 20,000 crore valuation months after WestBridge talks fall through

Successful investors will get shares in their demat accounts by July 18, while the trading in equity shares will commence on the NSE Emerge effective July 19.

Sahaj Solar shares seem to be getting strong demand in the grey market, may be due to positive outlook for the power sector and robust subscription numbers, as shares were available at around 110-115 percent premium over the upper price band, the market observers said. The grey market is an unofficial platform for trading in IPO shares till the listing.

However, earlier this month, to standardize the opening price discovery/ equilibrium price across exchanges during special pre-open session for initial public offer (IPO) for the SME platform, the National Stock Exchange has decided to put an overall capping up to 90 percent over the issue price for SME IPOs.

The Ahmedabad-based company that manufactures PV module as well as provides solar water pumping systems and EPC services has raised Rs 52.56 crore through its public issue, which (excluding issue expenses) will be used mainly for working capital requirements, and then remainder for general corporate purposes.

The price band for the issue was fixed at Rs 171-180 per share.

Sahaj Solar has a photovoltaic (PV) module manufacturing plant with a capacity of 100 MWs at Bavla, Ahmedabad. Apart from polycrystalline module, the facility manufactures Mono PERC (passivated emitter and rear contact) module.