Sahaj Solar IPO subscribed 471 times on final day, retail investors booked 1,247x

Sahaj Solar IPO

Sahaj Solar's initial public offering recorded robust subscription on July 15, the final day of bidding, with retail investors leading the charge. Investors bid 98.81 crore equity shares, which is 471.45 times higher than the offer size of 20.96 lakh equity shares.

The renewable energy solutions company opened its public issue on July 11 to raise Rs 52.56 crore, comprising solely a fresh issue of 29.2 lakh equity shares. The price band for the issue is Rs 171-180 per share.

According to subscription data available on the NSE, retail investors picked 1,246.7 times the allotted quota, followed by non-institutional investors (high networth individuals) who bought 370 times the portion set aside for them. Qualified institutional buyers also showed strong interest in the issue, bidding 214.1 times the reserved portion.

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Employees bought 26,400 equity shares against their reservation for 24,000 shares. Overall, the IPO attracted 6.9 lakh applications since its opening on July 11.

On July 10, Sahaj Solar had already mobilised Rs 14.83 crore from three anchor investors - Persistent Growth Fund - Varsu India Growth Story Scheme 1, CCV Emerging Opportunities Funds-I, and Acintyo Investment Fund PCC-Cell 1 - at the upper price band.

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The Ahmedabad-based company that provides photovoltaic (PV) module manufacturing, solar water pumping systems, and EPC services is going to utilise the IPO proceeds on working capital requirements and general corporate purposes.

Its IPO shares seem to be getting strong demand in the grey market, trading at more than 100 percent over the upper price band, market observers said.

Sahaj Solar will finalise the basis of allotment of the IPO shares by July 16, and the equity shares will be credited to demat accounts of eligible investors by July 18. The trading in shares will commence on NSE Emerge from July 19.