Winsol Engineers shares made a lightning start on market debut after listing at Rs 365, commanding a whopping 387 percent premium over the issue price of Rs 75 on the NSE SME platform.
The listing gains topped grey market estimates by a comfortable margin as shares were trading at a premium of 265 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.
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The Rs 23.36-crore public offer, which consists of a fresh issue of 31.15 lakh shares, received a robust subscription as investors picked up over 682 times. Non-institutional investors were the most active, buying 1,088 times their allotted quota followed by retail investors who picked up 780 times their reserved portion. QIBs bought 207 times their share.
Founded in 2015, it specialises in delivering comprehensive engineering, procurement, construction, and commissioning services in the solar and wind power sectors. The company’s primary services encompass foundation work and civil and electrical substation projects.
The funds raised from the fresh issue will be utilised to meet the company's working capital requirements and to support general corporate purposes. The price band of the issue has been fixed at Rs 71-75.
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