Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
The Sahaj Solar IPO will open for subscription on Thursday, July 11, and close on Monday, July 15. The price range is set between ₹171 and ₹180 per share, with a face value of ₹10. Investors can bid for a minimum of 800 shares or multiples thereof.
Allocations are divided as follows: retail investors get 35%, QIBs are allocated 50%, and NIIs receive 15%.
Promoted by Pramit Bharatkumar Brahmbhatt, Manan Bharatkumar Brahmbhatt, and Varna Pramit Brahmbhatt, Sahaj Solar has nearly a decade of experience in renewable energy. The company manufactures PV modules, sells solar pumping systems, and provides EPC services, making it a key player in the solar power sector.
Government clients include Maharashtra State Electricity Distribution Co. Ltd., GEDA, HAREDA, PGVCL, DGVCL, and MGVCL, while private clients include Iron Mountain, Tenneco, Valeo, Rotomag, Premier Solar, Shekhani Industries, Mahindra Susten Private Limited, and Mahindra Solarize Private Limited.
According to the red herring prospectus (RHP), Sahaj Solar's peers include Shakti Pumps (India) Ltd with a P/E of 17.34, Zodiac Energy Ltd with a P/E of 51.62, and Solex Energy Ltd with a P/E of 74.18.
Between March 31, 2023, and March 31, 2024, Sahaj Solar Ltd's profit after tax (PAT) increased by 106.25%, while revenue grew by 8.56%.
The IPO, valued at ₹52.56 crore, is an offer-for-sale of up to 2,920,000 equity shares. Funds raised will be used for working capital requirements and general corporate purposes.
Kunvarji Finstock Pvt Ltd is the lead manager, and Kfin Technologies Limited is the registrar. Aftertrade Broking is the market maker for this IPO.
The grey market premium (GMP) for Sahaj Solar IPO is +144, suggesting shares are trading at a ₹144 premium. This indicates an expected listing price of ₹324 per share, which is 80% higher than the IPO price of ₹180.
The 'grey market premium' shows investors' willingness to pay above the issue price.
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