Sungarner Energies, an SME company, saw a bumper listing on the NSE EMERGE platform on August 31 following a successful initial public offer (IPO). However, the stock saw selling pressure at the day’s highs.
The stock debuted at Rs 250 against the issue price of Rs 83, resulting in listing gains of 201 percent. At 11.30 am, it was trading at Rs 237.50, locked in the 5 percent lower circuit.
The company started as a design engineering and solar EPC company and gradually diversified into manufacturing of power electronics and energy storage products. Sungarner Energies Limited is also into manufacturing solar inverters, online UPS systems, EV chargers and lead acid batteries.
According to the IPO draft prospectus, SunGarner has also obtained a WMI code for the manufacturing of EV vehicles. However, that is currently in the prototype stage, awaiting full-scale manufacturing of EV Vehicles.
Most of its customers are based in the states of Haryana, UP, Bihar, Rajasthan and Assam. It has six service centres in India - Delhi, UP Haryana, Bihar Assam and West Bengal. SunGarner has also started exports in the last two years and has exported its products to Nigeria, Lebanon, Nepal, Dubai and Bhutan.
The company is in the process of expanding its footprint by appointing an additional 500 franchisees to cover all major districts of India by the end of 2025.
Via its IPO, the company raised Rs 5.31 crore. The issue was subscribed 152.40 times led by retail investors, who subscribed 193 times of the allocated quota.
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