IPO
EPC player Solarworld Energy Solutions' Rs.490-Cr IPO oversubscribed 12.41x
Noida-headquartered Solarworld Energy Solutions ' initial public offering (IPO) was oversubscribed 12.41 times. The issue received bids for 10,04,52,702 shares against 80,93,092 on offer.The portion reserved for the Retail Individual Investors (RIIs) and Non-Institutional Investors (NIIs) category got oversubscribed by 27.29 times and 22.69 times, respectively. The Qualified Institutional Buyers' (QIB) quota was booked 2.31 times.The IPO consists of a fresh issue worth INR 440 crore and an offer-for-sale (OFS) of 1.4 million equity shares amounting to INR 50 crore at INR 333 and INR 351 apiece.The proceeds from the IPO will be used to fund investments in subsidiary Kartik Solarworld and for part-financing the Pandhurana project.Solarworld specialises in engineering, procurement and construction services for solar power projects.
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