The offer received bids for 7.88 crore shares as against 29.20 lakh shares on offer.
The initial public offer (IPO) of Sahaj Solar received bids for 7,88,03,200 shares as against 29,20,000 shares on offer, as per NSE data as of 17:00 hours on Thursday, (11 July 2024). The issue was subscribed 26.98 times.
The issue opened for bidding on Thursday (11 July 2024) and it will close on, Monday (15 July 2024). The price band of the IPO is fixed at Rs 171 to Rs 180 per share. The minimum order quantity is 800 equity shares. The equity shares will list on NSEs SME platform.
The IPO comprises fresh issue of 29,20,000 shares. The promoter and promoter shareholding will dilute to 71.28% from 97.08% Pre-IPO.
About 1,46,400 equity shares will be reserved for subscription by market maker to the issue and up to 24,000 equity shares will be reserved for employee of the company. The net issue comprises of 27,49,600 equity shares. The issue and the net issue will constitute 26.58% and 25.03% respectively of the post offer paid up equity share capital of our company.
The company intends to utilize the net proceeds for working capital requirements, issue expenses and general corporate purposes.
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Ahead of the IPO, Sahaj Solar on Wednesday, 10 July 2024, raised Rs 14.83 crore from anchor investors. The board allotted 8.24 lakh shares at Rs 180 per share to 3 anchor investor.
Sahaj Solar, renewable energy solution provider engaged majorly into three businesses being manufacturing of PV modules, providing solar water pumping systems and providing EPC services to its PAN India customers. The company sells solar PV modules under the brand name of SAHAJ. As on 31 March 2024, company had 62 employees.
The company recorded revenue from operations of Rs 201.17 crore and net profit of Rs 13.37 crore for the period as on 31 March 2024.
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