Solarworld Energy Solutions Limited has raised Rs 1.1 billion through a pre-IPO placement, reducing the fresh issue component of its IPO from Rs 5.5 billion to Rs 4.4 billion.
Initially, the company planned to raise Rs 6 billion, as per the draft red herring prospectus (DRHP) filed with SEBI in September. The IPO includes Rs 500 million as an offer-for-sale (OFS) by the promoter, Pioneer Facor IT Infradevelopers.
On November 21, the company allotted 3.12 million shares at Rs 352.05 per share, amounting to Rs 1.1 billion. ValueQuest Investment Advisors, through its Valuequest Scale Fund and VQfastercap Fund, led the investment round alongside other individual investors.
The IPO price band and dates are yet to be announced. Proceeds will support the company’s subsidiary, Kartik SolarWorld, in part-financing a 1.2 GW Solar PhotoVoltaic TopCon manufacturing facility in Pandhurana, Madhya Pradesh. The funds will also be allocated for general corporate purposes.
Solarworld Energy Solutions, established in 2013, provides engineering, procurement, and construction (EPC) services for solar projects, catering to public sector undertakings (PSUs) and commercial and industrial clients.
The IPO’s lead managers are SBI Capital Markets Limited and Nuvama Wealth Management Limited, with Link Intime India Private Limited as the registrar.