Investors pile on bids for Sahaj Solar IPO as issue gets 64x subscription on Day 2; GMP soars to 115%

The SME IPO of Sahaj Solar continues its dream run as investors keep piling on bids on the second day. The issue has been subscribed 64 times so far.

The IPO, which is entirely a fresh equity issue of 29.2 lakh shares, received bids for 13.47 crore shares as against just 20.96 lakh shares on offer.

Sahaj Solar GMP


In the unlisted market, the company's shares are trading with a GMP of Rs 208, which translates to a premium of 115% over the issue price.

Sahaj Solar IPO price band

The company is offering its shares at Rs 171-180 apiece, and investors can bid for 800 shares in 1 lot. Through the issue, it plans to raise about Rs 52.56 crore.

Other details

The net proceeds from the public offer will be used for funding working capital requirements and other general corporate purposes.

Also Read: Prizor Viztech IPO opens today: Check issue size, price band, GMP and other details

The company is a solar solutions provider having experience of more than one decade in the majority of the verticals of renewable power generation. It manufactures as well as provides services which gives it an edge in the solar power market. Sahaj Solar is engaged in three businesses of PV module manufacturing, providing solar pumping systems and providing EPC services.

India added around 14 GW8 of solar capacity in 2022, making it the year with the highest annual capacity addition. At the end of December 2022, India’s cumulative solar installations stood at 63.5 GW, making it the world’s fifth largest country in terms of installed solar capacity.

For the year ended March 2024, the company clocked total revenues of Rs 201 crore and net profit of Rs 13.16 crore.

Kunvarji Finstock is acting as the lead manager to the issue and Kfin Technologies is the registrar.