Sahaj Solar makes bumper debut, lists with 90 premium over IPO price

Sahaj Solar IPO was subscribed 506 times over the course of three days.

Shares of Sahaj Solar Limited made a robust start on its stock market debut on July 19, listing at Rs 342, commanding a premium of 90 percent over the issue price of Rs 180 per share.

The listing gains, however, grey market estimates as shares were trading at a premium of 138 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

The Rs 52.56-crore public offer came firing out of the blocks during the subscription period as investors subscribed a massive 506 times. Non-institutional investors were the most active, buying 862 times their allotted quota. Retail investors followed, purchasing 534 times while qualified institutional buyers roped in 214 times the portion reserved.

The company plans to use the funds raised through this offer to meet its working capital requirements and for general corporate purposes.

Founded in 2010, Sahaj Solar Limited is a provider of renewable energy solutions. The company operates three business units. First, its PV module manufacturing facility, located in Bavla, Ahmedabad, Gujarat, covers an area of 2,883.77 square meters with a building size of 2,445.5 square meters, comprising both factory and office space.