Mumbai: Initial public offer (IPO) of Insolation Energy Limited (INA) oversubscribed by 183.07 times procuring Rs. 4,057.07 Cr against IPO size of Rs. 22.16 Cr. which is the highest subscription in any BSE SME IPO.
Total no of shares offered for subscription was 58,32,000 equity shares of Rs. 10 each against which bids received for 1,06,76,49,000 shares. NII Category (Including QIB) received bids for 41,54,04,000 shares translate in to oversubscription of 150.02 times while RII category received bids for 65,22,45,000 shares translate in to oversubscription of 235.55 times
The QIB Investors has placed bid for Rs. 72.48 Cr in the IPO which includes bid from India’s Premiere Bank, Foreign Institutional Investors, Domestic AIF and fund houses.
The HNI Investors has placed bid Rs. 1,506.05 Cr in the IPO. One the largest player of Solar Panel manufacturing in India has placed bid for entire subscription in the IPO.
Approx 2,17,415 forms has been received in RII category which is amounting to Rs. 2,478.53 Cr
Established in 2015, Isolation Energy is mainly engaged in the business of manufacturing solar panels and modules of high efficiency of various sizes as per the demand, from a unit situated in Jaipur. The Company sells it product under the brand name of “INA”. The Company also trades in solar power conditioning units and tall tabular lead acid batteries with solar PV modules as ‘Solar Power Generation System’.
Speaking on the occasion, Mr. Ashok Holani, Director Holani Consultants said the Holani consultants always strive to achieve its commitments to bring quality companies on board in SME Segment. All the companies lead managed by us have grown multifold times since listing. Insolation Energy Ltd is another such company and we wish this company will makes us proud and create wealth for its investors.
We are very overwhelmed by the investor response towards our IPO and we are thankful to investor community.
Speaking on the occasion, Mr. Manish Gupta, chairman of Insolation Energy Limited said that company is overwhelmed by the confidence of the investors shown on us. We are committed to perform and try to match the expectation of our investors. Company will be among top 10 Solar brands in India both in terms of capacity and sales in next two years.