Solarworld Energy shares settle 8% lower on debut day after premium listing

Solarworld Energy shares listed on the stock exchanges on September 30.

Solarworld Energy shares settled 8 percent lower on the debut day on September 30 after a premium listing. The shares settled at Rs 322.60 per share on the NSE, down 8.09 percent from the IPO price. The stock concluded the day 17 percent lower from its listing price.

The shares listed at a decent premium over its IPO price on the stock exchanges on September 30, following a healthy subscription of 65 times to its Rs 490-crore issue in the primary market between September 23-25.

Shares of Solarworld Energy Solutions Ltd. listed at Rs 388.50 per share on the NSE, a healthy premium of 10.68 percent. The issue had a price band of Rs 333-351 per share.

On the BSE, the shares were listed at Rs 389 per share, a premium of 10.83 percent. The company's market capitalization post listing of shares stood at Rs 3,371.57-crore.

Solarworld Energy Solutions IPO share listing was almost at par with the expectations in the grey market, which had expected a 11 percent listing gain.

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Earlier, the company garnered Rs 220.5 crore from anchor investors. The company's initial share sale received bids for 52.60-crore shares against 80.93-lakh shares on offer, according to details available with the NSE website.

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.

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