Jaipur-based Solar Panel Maker Insolation Energy’s IPO Oversubscribed 183.07 Times

In a significant development, the initial public offering (IPO) of Jaipur-based solar panel manufacturer Insolation Energy Ltd (INA) was recently oversubscribed by 183.07 times.
 
The domestic photovoltaic (PV) module maker achieved a key milestone in the BSE SME IPO by procuring Rs 4,057.07 crore against the IPO size of Rs 22.16 crore.
 
Further, the company offered 58,32,000 equity shares at Rs 10 each for subscription, against which bids were received for 1,06,76,49,000 equity shares.
 
The NII category (including QIB) received bids for 41,54,04,000 equity shares translating into an oversubscription of 150.02 times. However, the RII category received bids for 65,22,45,000 equity shares translating into an oversubscription of 235.55 times.
 
In the IPO, the QIB investors placed bids for Rs 72.48 crore including bids from leading banks, foreign institutional investors (FIIs), domestic AIFs, and fund houses, on the other hand, HNI investors placed bids for Rs 1,506.05 crore. Approx 2,17,415 forms have been received in the RII category which is amounting to Rs 2,478.53 crore, the company said in a statement.
 
Infact, one of the largest players in solar panel manufacturing in India has placed bids for the entire subscription in the IPO, it added.
 
Commenting on the investors’ response to the IPO, Manish Gupta, chairman of Insolation Energy Ltd, said that, the company is overwhelmed by the confidence of the investors shown in us. We are committed to performing and trying to match the expectations of our investors. Our company will be among the top 10 solar brands in India both in terms of capacity and sales in the next two years.

Insolation Energy, founded in 2015, is primarily engaged in the business of manufacturing high-efficiency solar modules of various sizes from its Jaipur-based facility. The company sells its products under the brand name INA, and also trades in solar power conditioning units and tall tabular lead acid batteries with solar PV modules as ‘Solar Power Generation System’.