Solarworld Energy Solutions Shines Bright with Pre-IPO Success

Solarworld Energy Solutions raised approximately Rs 110 crore in a pre-IPO round, involving investors like ValueQuest. This reduces their IPO fresh issue target from Rs 550 crore to Rs 440 crore. Funds will support a 1.2 GW solar facility in Madhya Pradesh and corporate purposes.

Solarworld Energy Solutions successfully raised approximately Rs 110 crore through a pre-IPO placement, significantly involving investors such as ValueQuest Investment Advisors.

This financial boost has led to a reduction in the fresh issue component of their upcoming IPO, which now targets Rs 440 crore, down from the previously projected Rs 550 crore. The solar energy company disclosed that it distributed 31.24 lakh shares to investors at a price of Rs 352.05 each, amassing a transaction size of Rs 109.99 crore on November 21.

The funds procured from this round are earmarked mainly for an investment in their subsidiary Kartik Solarworld, aimed at developing a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh. The remaining proceeds will be used for general corporate purposes, positioning the company for future growth.

(With inputs from agencies.)