Australian Premium Solar Makes Striking Market Debut with 159.2% Premium

Australian Premium Solar Makes Striking Market Debut with 159.2% Premium

VoM News Desk | January 18, 2024 | 02:04 PM IST | World | Follow on Google News

Australian Premium Solar Makes Striking Market Debut with 159.2% Premium

Australian Premium Solar Makes Striking Market Debut with 159.2% Premium

Australian Premium Solar (India) Ltd marked a stellar entry into the stock market on Thursday, with its shares debuting at ₹140 each, soaring 159.2% above the issue price of ₹54 on the NSE SME platform. Following the listing, the shares continued their upward trajectory, hitting the 5% upper circuit and closing at ₹147.

The enthusiasm for Australian Premium Solar was evident even before its market debut, with the IPO grey market premium standing at an impressive 100%. This surge in interest translated into robust demand from investors, resulting in an overall subscription of 464.19 times. Notably, the retail category saw a staggering 535.77 times subscription, while Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) categories recorded 107.02 and 772.87 times subscription, respectively.

The SME IPO, open for public subscription from January 11 to January 15, successfully raised ₹28.08 crore for Australian Premium Solar (India) Ltd. The IPO comprised an entirely fresh issue of 52 lakh shares, priced in the range of ₹51 to ₹54 per share.

The IPO allotment was finalized on January 16, setting the stage for the company’s listing on January 18. Beeline Capital Advisors Pvt Ltd served as the book running lead manager, while Link Intime India Private Ltd took on the role of the IPO registrar.

Australian Premium Solar (India) Ltd, specializing in manufacturing monocrystalline and polycrystalline solar modules, also provides engineering, procurement, and construction (EPC) services for residential, agricultural, and commercial applications. The funds raised from the IPO will be channeled towards capital expenditure, meeting working capital requirements, and supporting general corporate purposes. The successful debut signifies a promising trajectory for Australian Premium Solar in the renewable energy market.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.