Solar91 Cleantech’s highly anticipated IPO, scheduled to run from December 24 to December 27, has been postponed. This recent development comes after a regulatory filing on BSE stated that certain queries raised by complainants in the media required further examination.
The filing read, “This is with reference to the IPO of Solar91 Cleantech Limited for which the anchor book is scheduled to open today. It is hereby notified that in view of certain queries raised by complainants in media, same needs further examination. In view of the same, pending further examination, the IPO bidding for anchor investors today and for public tomorrow is postponed till further notice.”
IPO Details
Before the delay or the recent announcement, the Solar91 Cleantech IPO was slated to open for subscription from December 24 to December 27. The price band for the issue was set between the range of Rs 185 to Rs 195 per share. The mainboard issue comprised a fresh issue of 54.36 lakh shares, amounting to a sum of Rs 106 crore.
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Grey Market Premium (GMP)
Interestingly, prior to the official opening of the issue, the company’s shares created a buzz in the grey market. As the recent trend, the shares were currently traded at a premium of Rs 100 per share, indicating a potential listing price of Rs 295. If accurate, this would translate to a 51.28% increase from the upper price band of Rs 195.
Tentative Timeline
Although, prior to the recent announcement, the allotment date was scheduled for December 30 and the listing date for January 1. However, these timelines are now uncertain due to the postponement.
About Solar91 Cleantech
Solar91 Cleantech was founded in 2015 and specialises in providing Engineering, Procurement, and Construction (EPC) solutions for renewable energy.
The company’s portfolio includes rooftop solar solutions for industrial, commercial, and residential sectors. Furthermore, it also offer open access and group captive solutions, along with agro PV and distributed solar investment opportunities.
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