Sahaj Solar IPO Subscribed 42.23 Times On Opening Day: Check Details

Sahaj Solar Ltd's initial public offering opened on July 11, 2024. The IPO is a book-built issue with a total value of Rs 52.56 crores, comprising entirely of fresh issue shares amounting to 29.2 lakh shares. The company specialises in renewable energy solutions.

The IPO has been subscribed 42.23 times as of 7:30 p.m. on Thursday, as per market tracking site Chittorgarh.

• Non-institutional buyers: 40.11 times

• Retail investors: 68.27 times

• Qualified Institutions: 0.10 times

• Anchor investors: 1 time

Investors who bid for the IPO can check the Sahaj Solar IPO Allotment status here.

The issue will remain open for subscription until July 15, 2024, with allotment expected to be finalised on Tuesday, July 16, 2024. Sahaj Solar IPO is slated to list on the NSE SME platform on Friday, July 19, 2024.

The price band for the Sahaj Solar IPO has been fixed at Rs. 171 to Rs 180 per share. The minimum lot size for the application is set at 800 shares, requiring a minimum investment of Rs 144,000 for retail investors. High Net Worth Individuals (HNI) are required to apply for at least 2 lots, totaling 1,600 shares, with an investment of Rs 288,000.

Kunvarji Finstock Pvt Ltd is the appointed book-running lead manager for the Sahaj Solar IPO, with Kfin Technologies Limited acting as the registrar for the issue. Aftertrade Broking has been designated as the market maker for the IPO.

Sahaj Solar Limited, established in 2010, specialises in renewable energy solutions. The company operates three primary business units, including PV module manufacturing with a capacity of 100 MW located in Bavla, Ahmedabad, Gujarat. The facility produces mono and polycrystalline PV modules, including mono PERC modules for solar projects in India and globally. Additionally, Sahaj Solar provides solar water pumping systems.

The funds raised through the Sahaj Solar IPO will be allocated towards the following objectives:

- Working capital requirements of the company

- General corporate purposes

Sahaj Solar Ltd reported a significant increase in revenue by 8.56% and profit after tax (PAT) rose sharply by 106.25% between the financial years ending March 31, 2024, and March 31, 2023.

As per the Red herring prospectus (RHP), Sahaj Solar Ltd.'s peers are Shakti Pumps (India) Ltd, Zodiac Energy Ltd, and Solex Energy Ltd. The company specialises in solar solutions and brings nearly a decade of expertise across all facets of renewable energy production. Their unique advantage lies in integrated approach, encompassing both manufacturing and service capabilities within the solar power sector.