![Sahaj Solar's soaring GMP indicates maximum listing gain on NSE SME platform](https://img.etimg.com/thumb/msid-111829237,width-210,height-158,imgsize-104638,resizemode-75/sahaj-solars-soaring-gmp-indicates-maximum-listing-gain-on-nse-sme-platform.jpg)
Given the NSE price cap, the stock is expected to see a maximum listing gain of 90% if the current trends sustain.
"The issue appears fully priced based on the FY24 earnings. We expect a listing at around ₹350-360 per share, resulting in a listing gain of around 90%," said Amit Goel, Co-Founder & Chief Global Strategist, Pace 360.
The Rs 52 crore SME IPO of Sahaj Solar was subscribed nearly 472 times at close, driven by robust demand across categories. The IPO is entirely a fresh equity sale of 29.2 lakh shares.
The net proceeds from the public offer will be used for funding working capital requirements and other general corporate purposes.
Sahaj Solar is a provider of renewable energy solutions, manufacturing PV modules, solar water pumping systems, and provides energy project management (EPC) services.
The company has experience of more than one decade in the majority of the verticals of renewable power generation. It manufactures as well as provides services which gives it an edge in the solar power market. Sahaj Solar is engaged in three businesses of PV module manufacturing, providing solar pumping systems and providing EPC services.
India added around 14 GW8 of solar capacity in 2022, making it the year with the highest annual capacity addition. At the end of December 2022, India’s cumulative solar installations stood at 63.5 GW, making it the world’s fifth largest country in terms of installed solar capacity.
The company recorded growth in both its top and bottom lines. Given that the market is becoming oversaturated, the increase in top and bottom lines for FY23 and FY24 raises questions about their durability. For the year ended March 2024, the company clocked total revenues of Rs 201 crore and net profit of Rs 13.16 crore.
Kunvarji Finstock is acting as the lead manager to the issue and Kfin Technologies is the registrar.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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