The Sahaj Solar IPO started on Thursday, July 11, and will be open until Monday, July 15. The IPO price range is set between ₹171 and ₹180 per share, with a face value of ₹10. Investors can bid for at least 800 shares or multiples thereof.
IPO Allocation
The net offer is divided as follows:
- 35% for retail investors
- 50% for qualified institutional buyers (QIB)
- 15% for non-institutional investors (NII or HNI)
Company Background
Sahaj Solar, led by promoters Pramit Bharatkumar Brahmbhatt, Manan Bharatkumar Brahmbhatt, and Varna Pramit Brahmbhatt, is a solar solution provider with about 10 years of experience in renewable energy. The company offers both manufacturing and services in the solar industry, including photovoltaic (PV) module production, solar pumping systems, and EPC services.
Key Clients
Top domestic clients include:
- Maharashtra State Electricity Distribution Co Ltd
- GEDA
- HAREDA
- PGVCL
- DGVCL
- MGVCL
Private clients include:
- Iron Mountain
- Tenneco
- Valeo
- Rotomag
- Premier Solar
- Shekhani Industries
- Mahindra Susten Private Ltd
- Mahindra Solarize Private Limited
Listed Peers
According to the red herring prospectus (RHP), the company’s peers include:
- Solex Energy Ltd (P/E of 74.18)
- Zodiac Energy Ltd (P/E of 51.62)
- Shakti Pumps (India) Ltd (P/E of 17.34)
IPO Subscription Status
By 11:43 IST on the first day, the IPO had been subscribed 12.84 times. The retail portion was subscribed 22.04 times, and the NII portion 9.25 times. QIBs have not yet subscribed.
A total of 2,50,38,400 shares have been bid for against the 19,49,600 shares available, according to data from chittorgarh.com.
IPO Details
The Sahaj Solar IPO, valued at ₹52.56 crore, is purely an offer-for-sale of up to 2,920,000 equity shares. The company plans to use the funds for general corporate purposes and working capital needs.
Kunvarji Finstock Pvt Ltd is the book-running lead manager, and Kfin Technologies Limited is the issue registrar. Aftertrade Broking is the market maker for the IPO.
GMP Today
The grey market premium (GMP) for Sahaj Solar IPO is +164, meaning the shares are trading at a ₹164 premium in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current GMP, the expected listing price is ₹344 per share, which is 91.11% higher than the IPO price of ₹180.
What is Grey Market Premium?
Grey market premium indicates how much investors are willing to pay above the issue price in the grey market.
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