Sahaj Solar IPO Subscribed Over 12 Times on Opening Day – Retail Investors Lead the Way

Sahaj Solar, a leading solar solution provider, has seen a remarkable response to its Initial Public Offering (IPO) with over 12 times subscription on the opening day, showcasing strong investor interest.

The IPO, which opened for subscription on July 11, has set a price range of ₹171 to ₹180 per share, aiming to raise ₹52.56 crore through a fresh issuance of 2.92 million shares.

Among the noteworthy clients of Sahaj Solar are Maharashtra State Electricity Distribution Co Ltd, GEDA, HAREDA, PGVCL, DGVCL, MGVCL, Iron Mountain, Tenneco, Valeo, Rotomag, Premier Solar, Shekhani Industries, Mahindra Susten Private Ltd, and Mahindra Solarize Private Limited.

According to the red herring prospectus, Sahaj Solar’s listed peers include Solex Energy Ltd, Zodiac Energy Ltd, and Shakti Pumps (India) Ltd, highlighting its prominence in the industry.

The IPO subscription status for Sahaj Solar stands at an impressive 12.84 times on the first bidding day, with retail investors driving a significant portion of the interest. Retail investors have subscribed 22.04 times, while the Non-Institutional Investors (NII) have subscribed 9.25 times. Qualified Institutional Buyers (QIB) are yet to show their interest.

The book running lead manager for the Sahaj Solar IPO is Kunvarji Finstock Pvt Ltd, with Kfin Technologies Limited as the issue registrar and Aftertrade Broking acting as the market maker, reflecting robust support from key financial entities.

Sahaj Solar IPO’s Grey Market Premium (GMP) is currently at ₹164, indicating a positive market sentiment towards the company’s listing. The expected listing price stands at ₹344, a 91.11% increase from the IPO price, showcasing investor confidence in the company’s potential.

With such high interest and positive indicators in the market, Sahaj Solar’s IPO is poised for a successful listing, further solidifying its position in the renewable energy sector.