Sungarner Energies IPO Subscription: 1.04 Times Booking on Debut
Sungarner Energies, a prominent player in the solar solutions sector, witnessed an impressive response to its initial public offering (IPO) as it garnered bids for 1.04 times the total offer size on its debut day of August 21.
The IPO, featuring 6.4 lakh equity shares, attracted an enthusiastic response from investors, with bids received for a total of 6.65 lakh equity shares. This overwhelming interest reflects the confidence of investors in Sungarner Energies’ prospects.
According to subscription data sourced from the National Stock Exchange (NSE), retail investors displayed significant interest by bidding for 4.59 lakh equity shares. Additionally, high net-worth individuals showed their confidence in the company by purchasing 2.06 lakh shares.
Sungarner Energies IPO aims to raise Rs 5.31 crore through the issuance of 6.4 lakh equity shares, which also includes a market maker portion of 57,600 shares.
This IPO is characterized by a fixed-price structure, with each share being priced at Rs 83. Interested investors can place bids for 1,600 equity shares and in multiples of 1,600 shares thereafter. For retail investors, the bidding range starts from a minimum of Rs 132,800 worth of equity shares, extending up to a maximum of Rs 200,000 within the IPO.
Founded in 2015 by Sumit Tiwari, Sungarner Energies is renowned for its comprehensive range of power solutions, encompassing solar power, UPS, batteries, inverters, and solar panels. Notably, the company has also obtained a WMI code for the manufacturing of electric vehicles, although full-scale production in this domain is yet to commence.
The funds generated from the IPO will predominantly cater to working capital requirements, in addition to supporting general corporate objectives and covering issue-related expenses.
Eligible investors can anticipate the allocation of their equity shares by August 30. The much-anticipated listing of Sungarner Energies’ shares on the NSE SME platform is scheduled for August 31, marking a significant milestone for the company’s journey ahead.
About Sungarner Energies:
Sungarner Energies operates within the realm of producing solar inverters, online UPS systems, EV chargers, and lead-acid batteries. Its origins trace back to a Design Engineering and Solar Engineering, Procurement, and Construction (EPC) enterprise. Over time, the company strategically expanded its scope to encompass the manufacturing of power electronics and energy storage solutions.
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