The overwhelming response highlights the strong confidence of investors in Sahaj Solar's growth potential, driven by its established presence in the renewable energy sector and its diversified offerings, including PV module manufacturing, solar pumping systems, and EPC services.
Subscription Details:
- Retail Investors: The retail portion was subscribed 535.03 times, with bids for 41,64,11,200 shares against the 9,62,400 shares allocated for this category.
- Non-Institutional Investors (NII): The NII portion saw an even higher subscription of 862.35 times, making it the most competitive segment.
- Qualified Institutional Buyers (QIB): The QIB segment was subscribed 214.27 times, indicating strong institutional interest.
- Total Bids: The IPO received bids for 98,88,48,000 shares against the 19,49,600 shares on offer.
Grey Market Premium (GMP):
- As of the last update before listing (July 19, 2024), the Grey Market Premium (GMP) for Sahaj Solar IPO was ₹250. This indicates that the shares were trading at a premium of ₹250 over the issue price of ₹180 in the grey market.
- Based on the GMP, the estimated listing price was expected to be around ₹430 per share, reflecting a potential gain of approximately 138.89% over the IPO price.
- Qualified Institutional Buyers (QIB): The QIB segment was subscribed 214.27 times, indicating strong institutional interest.
- However, due to NSE's price cap of 90% on SME IPOs, the maximum listing price was restricted, and the stock eventually listed at ₹342 per share, which was still a significant 90% gain over the issue price.
Key IPO Details:
- Issue Size: ₹52.56 crore, entirely a fresh issue of 29,20,000 equity shares.
- Price Band: ₹171 to ₹180 per share.
- Lot Size: Minimum of 800 shares.
- Allocation: 35% for retail investors, 50% for QIBs, and 15% for NIIs.
- Listing Date: The shares were listed on the NSE SME platform on July 19, 2024.
- Use of Proceeds: The funds raised were intended for working capital requirements and general corporate purposes.
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