Solarworld Energy Solutions' ₹490-Cr IPO to Open on Sep 23

Solar energy solutions provider Solarworld Energy Solutions on Thursday fixed a price band of Rs 333 to Rs 351 per share for its upcoming Rs 490-crore initial public offering (IPO).

At the upper end, the company is valued at around Rs 3,000 crore.

The company's maiden public offering will be open for subscription on September 23 and conclude on September 25. The bidding for anchor investors will open for a day on September 22, according to its public announcement.

The IPO is a combination of fresh issuance of equity shares worth Rs 440 crore, and an offer-for-sale of shares valued Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.

Proceeds from the fresh issue will be used for investment in the company's subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurna, Madhya Pradesh, and general corporate purposes.

The company said that 75 per cent of the offer size has been earmarked for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Solarworld Energy Solutions, a solar energy solutions provider, specialises in engineering, procurement and construction services for solar power projects.

Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue.

Solarworld Energy is expected to make its stock market debut on September 30.