Investors showed great interest in renewable energy solutions firm Sahaj Solar’s first public offering, subscribing 37.60 times on the first day of bidding, July 11. Against the offer size of 20.96 lakh equity shares, the participants selected 7.88 crore equity shares.
The company wants to raise Rs 52.56 crore through an IPO that only consists of newly issued 29.2 lakh equity shares at a price between Rs 171 and Rs 180 per share.
Among participants, qualified institutional buyers selected 49.8 times the percentage set out for them, trailed by retail investors who purchased 65 times the quota. 39.22 times as many non-institutional investors subscribed to the reserved portion.
According to NSE data, 83,681 applications were submitted for the IPO in total.
Additionally, three investors in total made Rs 14.83 crore in the company during its one-day anchor book launch on July 10. Acintyo Investment Fund PCC-Cell 1 invested Rs 4 crore in the company via anchor book, Persistent Growth Fund – Varsu India Growth Story Scheme 1 selected 2.77 lakh shares worth Rs 4.99 crore, and CCV Emerging Opportunities Funds-I purchased 3.24 lakh shares worth Rs 5.83 crore.
The Ahmedabad-based company plans to use the net proceeds from the fresh offering primarily for working capital needs and remaining money for general business uses.
Manufacturing PV modules and offering solar water pumping systems, EPC services, and other products, Sahaj Solar more than doubled its net profit to Rs 13.16 crore for the fiscal year 2024 from Rs 6.35 crore the year before. Over the same time frame, operating revenue climbed from Rs 185.4 crore to Rs 201.2 crore.