Sahaj Solar IPO Oversubscribed 313 Times; Grey Market Premium Soars to 133%

The SME IPO of Sahaj Solar is getting massive interest from investors, with an overall subscription of 313 times on the third day of bidding. The issue closes on Monday.

High Demand for Shares

The IPO, which is a fresh equity issue of 29.2 lakh shares, received bids for 65 crore shares against just 20.96 lakh shares on offer.

In the unlisted market, Sahaj Solar shares are trading at a Grey Market Premium (GMP) of Rs 240, translating to a 133% premium over the issue price.

IPO Price and Details

Sahaj Solar is offering its shares at Rs 171-180 each. Investors can bid for 800 shares per lot. The company aims to raise about Rs 52.56 crore from this issue.

The funds from the IPO will be used for working capital and general corporate purposes.

About Sahaj Solar

Sahaj Solar, a solar solutions provider, has over a decade of experience in renewable power generation. The company manufactures PV modules, provides solar pumping systems, and offers EPC services, giving it an advantage in the solar market.

Solar Industry in India

India added around 14 GW of solar capacity in 2022, making it the year with the highest annual capacity addition. As of December 2022, India’s total solar installations stood at 63.5 GW, making it the fifth-largest in the world.

Financial Performance

For the year ending March 2024, Sahaj Solar reported total revenues of Rs 201 crore and a net profit of Rs 13.16 crore.

Kunvarji Finstock is the lead manager for the issue, and Kfin Technologies is the registrar.