NSE SME Sahaj Solar sizzles on debut

Shares of Sahaj Solar were trading at Rs 359.10 on the NSE, a premium of 99.50% compared with the issue price of Rs 180.

The scrip was listed at Rs 342, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 359.10 and a low of Rs 342. About 3.14 lakh shares of the company changed hands at the counter.

Sahaj Solar's IPO was subscribed 338.78 times. The issue opened for bidding on 11 July 2024 and it closed on 15 July 2024. The price band of the IPO was set at Rs 171 to Rs 180 per share.

 

The IPO comprised fresh issue of 29,20,000 shares. The promoter and promoter shareholding diluted to 71.28% from 97.08% pre-IPO.

The company intends to utilize the net proceeds for working capital requirements, issue expenses and general corporate purposes.

Ahead of the IPO, Sahaj Solar on 10 July 2024, raised Rs 14.83 crore from anchor investors. The board allotted 8.24 lakh shares at Rs 180 per share to three anchor investor.

Gujarat-based Sahaj Solar is a 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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