BSE postpones bidding for Solar91 Cleantech's Rs 106 cr IPO amid concerns

The BSE on Monday postponed the bidding for the initial public offering (IPO) of Solar91 Cleantech, a small and medium enterprise (SME), following complaints in the media.

 

The anchor book was scheduled to open on Monday. Solar91 Cleantech specialises in providing Engineering, Procurement, and Construction (EPC) solutions for renewable energy.

 

“It is hereby notified that in view of certain queries raised by complainants in the media, the same needs further examination. Pending further examination, the IPO bidding for anchor investors today and for the public tomorrow is postponed till further notice,” said the BSE in a notice.

 

The Rs 106 crore IPO was to open for subscription to investors from December 24 at a price band of Rs 185 to Rs 195.

 

This is the third time an SME IPOs has come under the scanner before its listing this year. Earlier, Trafiksol was postponed and then an inspection was ordered by the market regulator. The Securities and Exchange Board of India (Sebi) had ordered a refund to the investors. However, the matter is currently in the Securities Appellate Tribunal (SAT).

 

Later C2C Advanced Systems faced scrutiny and the market regulator provided a window for withdrawing applications after the postponement of its listing. Though the issue saw withdrawals of over 80 per cent of retail applications, the company listed at a 90 per cent premium on the NSE Emerge earlier this month.

 

Sebi had asked the company to appoint independent auditors to evaluate its financial accounts while the NSE was directed to establish a monitoring agency to oversee the utilisation of funds raised after listing.