Sahaj Solar IPO booked over 97 times in second day of bidding; retail investors steal the show. Check GMP

The subscriptions for the Sahaj Solar IPO opened on Thursday, July 11 and will close on Monday, July 15. The IPO price for Sahaj Solar has been set at ₹171 to ₹180 per share of nominal value ₹10. At least 800 shares and multiples of these shares are available for bidding.

The net offer has been split as follows: 35% has been allocated to retail investors, 50% has gone to QIBs and 15% has been set aside for NIIs (HNIs).

Pramit Bharatkumar Brahmbhatt, Manan Bharatkumar Brahmbhatt and Varna Pramit Brahmbhatt are business promoters.

Sahaj Solar is a solar solutions provider with around 10 years of experience in most areas related to renewable energy generation. The company has a dual offering of manufacturing and services in the solar energy industry. They manufacture photovoltaic (PV) modules, market solar pump systems and provide EPC services.

Below is a list of the largest domestic customers: Maharashtra State Electricity Distribution Co Ltd, GEDA, HAREDA, PGVCL, DGVCL and MGVCL are government customers. Iron Mountain, Tenneco, Valeo, Rotomag, Premier Solar, Shekhani Industries, Mahindra Susten Private Ltd and Mahindra Solarize Private Limited are a few examples of private customers.

According to RHP’s prospectus, its listed affiliates include Solex Energy Ltd (P/E 74.18), Zodiac Energy Ltd (P/E 51.62) and Shakti Pumps (India) Ltd (P/E 17.34).

Sahaj Solar IPO Subscription Status

Sahaj Solar IPO subscription status is 97.98 times on second day.

The retail portion was booked 156.05 times, while the NII portion was booked 94.65 times. Qualified institutional buyers were booked 3.18 times.

As per data on chittorgarh.com, the company received offers to buy 19,10,14,400 shares against 19,49,600 shares on offer.

Sahaj Solar’s IPO subscription status was 42.23 on day one.

Sahaj Solar IPO Details

Sahaj Solar IPO Value ₹52.56 crore, being a clean offer for sale of up to 2,920,000 ordinary shares.

The Company intends to use the proceeds raised under this offering for both general corporate purposes and working capital needs.

Kunvarji Finstock Pvt Ltd is the lead book-running manager for Sahaj Solar IPO and Kfin Technologies Limited is the issue registrar. Aftertrade Broking is acting as the market maker for Sahaj Solar IPO.

Sahaj Solar IPO GMP Today

Today’s IPO value of Sahaj Solar GMP is +208. This means that the Sahaj Solar share price was trading at a premium ₹208 on the grey market, according to investorgain.com.

Considering the upper end of the IPO price range and the current premium in the grey market, the expected IPO issue price of Sahaj Solar has been indicated at ₹388 per share, which is 115.56% higher than the IPO price ₹180.

The “grey market premium” indicates investors’ willingness to pay more than the issue price.

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