Solarworld Energy Solutions Ltd., a key player in the renewable energy sector, has successfully raised Rs 221.00 crore from anchor investors, setting the stage for its much-anticipated Initial Public Offering (IPO). This pre-IPO placement marks a significant milestone for the company as it prepares to enter the public market.

Anchor Investment Details

The company allotted 62.82 lakh shares to 15 anchor investors at Rs 351.00 per share, which is at the upper end of the IPO price band. The allocation of these shares provides insight into the strong interest from institutional investors:

• VQ Fastercap Fund IL emerged as the lead investor, securing the highest allocation at 20.36%
• Pinebridge India Equity Fund and Motilal Oswal Large Cap Fund each received 11.29% of the allocation

IPO Highlights

Solarworld Energy Solutions is set to launch its IPO with the following key details:

• Total fundraising target: Up to Rs 490.00 crore
• Price band: Rs 333.00-351.00 per share
• IPO structure:
  • Fresh issue: Rs 440.00 crore
  • Offer for sale by promoters: Rs 50.00 crore
• IPO timeline:
  • Opening date: Tuesday
  • Closing date: September 25, 2023
• Listing: Scheduled for September 30, 2023, on both BSE and NSE

Utilization of Funds

The company has outlined clear objectives for the capital raised through this IPO:

1. Investment in subsidiary: A significant portion will be invested in Kartik Solarworld Pvt, a subsidiary of Solarworld Energy Solutions.
2. Manufacturing expansion: Funds will be used to establish a 1.2 GW solar PV TopCon Cell manufacturing facility in Madhya Pradesh.
3. General corporate purposes: The remaining funds will be allocated for general corporate use.

This strategic move by Solarworld Energy Solutions to go public comes at a time when the renewable energy sector in India is experiencing rapid growth. The successful raising of funds from anchor investors suggests a positive outlook for the company's public offering.

Investors and market watchers will be keenly observing the IPO's performance, given the company's focus on solar energy solutions and its plans for expanding manufacturing capabilities. The outcome of this IPO could provide insights into market sentiment towards the renewable energy sector in India.

As the IPO opens for public subscription, it will be interesting to see how retail and institutional investors respond to this opportunity in the green energy space.

Solarworld Energy Solutions, a prominent player in the solar energy sector, has announced the price band for its Initial Public Offering (IPO) at Rs 333-351 per equity share. The IPO is scheduled to open on September 23 and close on September 25, marking a significant milestone for the company.

IPO Details

The IPO comprises two components:

• Fresh share issuance worth Rs 440.00 crore
• Offer for sale by promoter Pioneer Facor IT Infradevelopers, amounting to Rs 50.00 crore

Key Dates

Company Profile

Solarworld Energy Solutions has been operating since 2013, specializing in:

• Solar energy solutions
• Engineering, procurement, and construction (EPC) services for solar power projects

The company boasts a diverse clientele, including:

• SJVN Green Energy
• Ethnic Food Manufacturing
• Haldiram Snacks
• Samiksha Solarworld

Utilization of Proceeds

The funds raised through the IPO will be primarily used for:

1. Investing in subsidiary Kartik Solarworld to establish a 1.2 GW solar PV TopCon Cell manufacturing facility in Madhya Pradesh
2. General corporate purposes

Lead Managers

The IPO is being managed by two prominent financial institutions:

• Nuvama Wealth Management
• SBI Capital Markets

This IPO presents an opportunity for investors to participate in India's growing solar energy sector. Solarworld Energy Solutions' established presence in the market and its plans for expansion with a new manufacturing facility highlight the company's ambitions in the renewable energy space.

Potential investors are advised to review the company's prospectus and consult with financial advisors before making investment decisions.