- Solarworld Energy Solutions has raised around Rs 110 crore in a pre-IPO placement round from a clutch of investors including ValueQuest Investment Advisors.
- Solarworld Energy Solutions specialises in engineering, procurement and construction services for solar power projects.
Solarworld Energy Solutions has raised around Rs 110 crore in a pre-IPO placement round from several investors, including ValueQuest Investment Advisors.
This reduces the fresh issue component of the company’s planned IPO (initial public offering)to Rs 440 crore from Rs 550 crore projected earlier.
In a public announcement last week, the solar energy solutions provider said it had allotted 31.24 lakh shares to investors at Rs 352.05 apiece, aggregating the transaction size to Rs 109.99 crore on November 21.
Those who have been allotted shares include Valuequest Scale Fund, VQfastercap Fund and several individual investors.
The solar energy solutions provider filed preliminary papers with capital markets regulator Sebi in September to launch an initial share sale and raise Rs 600 crore.
According to the draft red herring prospectus (DRHP), this included fresh issuance of equity shares worth Rs 550 crore and an offer-for-sale of shares valued at Rs 50 crore by promoter Pioneer Facor IT Infradevelopers.
Proceeds from the fresh issue, totalling Rs 420 crore, will be used for investment in the company’s subsidiary, Kartik Solarworld, to part-finance the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh, and a portion will be used for general corporate purposes.
Solarworld Energy Solutions specialises in engineering, procurement and construction services for solar power projects.
As of August 31, 2024, the company completed projects with a total capacity of 253.67 megawatts (MW) AC/336.17 MW DC and ongoing projects with a cumulative capacity of 420 MW AC/592 MW DC.
Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue.