Solarworld Energy Solutions shares listed at ₹389 on BSE, up 10.82% from the ₹351 issue price, but ended at ₹323.20, down 7.92%.
NSE listing opened at ₹388.50, ended at ₹323.50, down 7.83% from issue price.
Company’s market valuation stood at ₹2,801.26 crore.
₹490 crore IPO was subscribed 65 times; included ₹440 crore fresh issue and ₹50 crore offer-for-sale by promoters.
Fresh issue proceeds will partly fund Kartik Solarworld’s 1.2 GW Solar PV TopCon manufacturing facility in Madhya
Shares of Solarworld Energy Solutions Ltd on Tuesday ended nearly 8% lower over the issue price of ₹351, giving up all early gains.
At the BSE, the stock listed at ₹389, a jump of 10.82% from the issue price. However, later the stock lost momentum and ended at ₹323.20, down 7.92%.
The stock made its market debut at ₹388.50, up 10.68% on the NSE. But, it failed to carry forward the momentum and ended at ₹323.50, a discount of 7.83%.
The company's market valuation stood at ₹2,801.26 crore.
The initial share sale of Solarworld Energy Solutions Ltd got subscribed 65 times on the last day of bidding on Thursday.
The company's ₹490 crore Initial Public Offering (IPO) had a price band of ₹333-351 per share.
The IPO was a combination of fresh issuance of equity shares worth ₹440 crore, and an offer-for-sale of shares valued at ₹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 Pandhurana, Madhya Pradesh, and general corporate purposes.
Solarworld Energy Solutions specialises in engineering, procurement and construction services for solar power projects.
