Solarworld Energy Solutions mobilises Rs 220.5 crore via anchor book; Rs 490 crore IPO to open on September 23

Solarworld Energy Solutions IPO News

Solarworld Energy Solutions, which provides EPC services for solar power projects, has raised Rs 220.5 crore from 14 anchor investors on September 22, of its Rs 490 crore initial share sale.

The initial public offering (IPO) will be launched for the public on September 23 and will remain open till September 25. The price band for the offer is Rs 333-351 per share.

The IPO share allotment will be finalised by September 26, while Solarworld Energy Solutions shares will be available for trading on the BSE and NSE with effect from September 30.

The solar energy solutions provider in its filing to exchanges on Monday said it has finalised allocation of 62,82,051 equity shares to anchor investors at Rs 351 per share.

VQ Fastercap Fund was the largest anchor investor, acquiring 12.79 lakh shares for Rs 44.89 crore, while Pinebridge Global Funds, Singularity AMC, and Motilal Oswal AMC each bought 7.09 lakh shares for Rs 24.89 crore.

Citigroup Global, BNP Paribas, Varanium Dynamic Trust, Nuvama Private Investment Trust, Cognizant Capital, LC Pharos, India Max Investment Fund, Capri Global, Golden Equity Fund, and Astrone Capital were other buyers in the anchor book.

The Rs 490 crore IPO is a combination of fresh issuance of shares worth Rs 440 crore, and an offer-for-sale of Rs 50 crore worth shares by promoter Pioneer Facor IT Infradevelopers.

Solarworld Energy Solutions will spend Rs 420 crore of fresh issue proceeds (including pre-IPO round funds) for establishment of a 1.2 GW solar PV TopCon cell manufacturing facility in Pandhurana, Madhya Pradesh through Kartik Solarworld. And the remainder amount will be used for general corporate purposes, while the offer-for-sale money will go to the selling shareholder.

The company that seeks valuation of Rs 3,042 crore competes with listed peers like Sterling & Wilson Renewable Energy, KPI Green Energy, Waaree Renewable Technologies, and Oriana Power.

Nuvama Wealth Management, and SBI Capital Markets are the merchant bankers for managing the Solarworld Energy Solutions IPO.