Sahaj Solar Debuts On NSE SME Platform With 90% Premium
Date
7/19/2024 2:18:11 PM
(MENAFN- KNN India)
New Delhi, Jul 19 (KNN) Sahaj Solar, a renewable energy solutions provider, made a strong debut on the National Stock Exchange's SME platform on Friday.
The company's shares opened at Rs 342, representing a 90 per cent premium over the initial public offering (IPO) price of Rs 180.
The Rs 52 crore SME IPO, which consisted entirely of fresh equity issuance of 29.2 lakh shares, garnered significant investor interest.
The offering was oversubscribed by nearly 472 times, with robust demand across all investor categories.
Prior to the listing, the grey market had indicated a premium of approximately 140 per cent over the issue price.
Sahaj Solar intends to utilise the net proceeds from the public offering to fund working capital requirements and general corporate purposes.
The company, with over a decade of experience in renewable power generation, specialises in manufacturing photovoltaic (PV) modules and solar water pumping systems, as well as providing energy project management (EPC) services.
The firm's integrated business model, encompassing both manufacturing and services, potentially positions it advantageously in the solar power market.
Sahaj Solar's operations span three key areas including PV module manufacturing, solar pumping systems, and EPC services.
This successful listing comes against the backdrop of India's growing solar energy sector. In 2022, the country added approximately 14 GW of solar capacity, marking its highest annual capacity addition to date.
As of December 2022, India's cumulative solar installations reached 63.5 GW, ranking it as the world's fifth-largest country in terms of installed solar capacity.
(KNN Bureau)
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