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19 Nov 2024
Sahaj Solar's IPO has garnered strong investor interest, with substantial oversubscription observed on the second day of bidding. Investors have subscribed for 18.74 crore equity shares, which is 97.02 times higher than the offer size of 20.96 lakh shares, according to NSE data.
Retail investors have maintained a leading position, subscribing 154.27 times their allotted quota. Non-institutional investors followed closely, subscribing 94.28 times their portion, while qualified institutional buyers bid 3.18 times their reserved portion.
Employees have subscribed for 11,200 equity shares against their reserved 24,000 shares, benefiting from a discount of Rs 15 per share from the final issue price.
The IPO has seen a significant increase in applications, with 1,95,379 applications received on Friday compared to 83,681 in the previous session. On the first day of bidding, July 11, the subscription rate was 37.60 times.
Anchor investors also showed strong interest, bidding Rs 14.83 crore worth of shares at the upper end of the price band of Rs 171-180 per share. Investors in the anchor book included Persistent Growth Fund - Varsu India Growth Story Scheme 1, CCV Emerging Opportunities Funds-I, and Acintyo Investment Fund PCC-Cell 1.
Based in Ahmedabad, Sahaj Solar aims to raise Rs 52.56 crore through its IPO, entirely through a fresh issue of shares. The funds raised will be used for working capital requirements and general corporate purposes.
In the grey market, Sahaj Solar IPO shares were reportedly trading at a premium of around 90-95% over the upper price band, indicating strong market demand and investor confidence.
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