The much-anticipated Solarworld Energy Solutions Limited IPO is nearing its final day. Launched on September 23, 2025, the public issue remains open only until September 25, 2025, offering a last-minute opportunity for retail and institutional investors to subscribe.
Price Band and Fundraising Goals
The company has set the price band for its equity shares between ₹333 to ₹351, aiming to raise a total of ₹490 crore through this initial offering. Out of this, ₹440 crore is planned to be generated through the fresh issuance of shares, while the remaining ₹50 crore is allocated via the Offer for Sale (OFS) route.
Solarworld Energy Solutions plans to list its shares on both the BSE and NSE, expanding its market reach and visibility post-listing.
Strong Interest from Investors: Subscription Status So Far
The IPO has received notable traction in the market. As of the end of Day 2, the issue had been subscribed 4.00 times, indicating robust investor interest.
On Day 3, by 10:18 AM, the IPO subscription data revealed:
- Overall Subscription: 4.88 times
- Retail Portion: 15.71 times
- Non-Institutional Investors (NII): 7.40 times
- Qualified Institutional Buyers (QIBs): 0.02 times
Despite the limited response from QIBs, the high subscription by retail and NII categories reflects growing confidence in the company’s long-term potential.
Grey Market Premium (GMP) Trends: Positive Sentiment Builds
As per the latest market insights, the Solarworld Energy Solutions IPO GMP today stands at ₹66. This indicates a growing interest in the unlisted market, fueled by the strong demand and favorable outlook. Market watchers anticipate further improvement in the GMP if positive sentiment continues in the secondary market. Any upward momentum in broader indices could potentially push the GMP even higher, enhancing listing-day prospects.
Analyst Opinions: Should You Subscribe?
Canara Bank Securities: “Subscribe for Long-Term Gains”
Canara Bank Securities has issued a ‘Subscribe’ recommendation, highlighting the company’s strategic evolution. Solarworld is transitioning from a traditional EPC contractor to a comprehensive renewable energy platform.
Key points from their analysis include:
- A strong order book of ₹2,527.81 crore, ensuring revenue visibility.
- Expansion into solar modules, cells, and Battery Energy Storage Systems (BESS).
- Attractive valuations with a P/E of 32.87x and P/B of 8.42x compared to industry peers.
However, the brokerage also cautioned investors about:
- Stretched working capital.
- A high customer concentration, with 79.19% of FY25 revenue from a single client.
Anand Rathi: “Fully Priced, Yet Promising in a Competitive Market”
According to Anand Rathi, the IPO is fairly priced, based on an estimated P/E ratio of 39.6x for FY25 and a projected post-issue market capitalization of ₹30,422 million. While acknowledging the promising aspects of the business, the brokerage also pointed out that the company operates in a highly fragmented and competitive market.
Conclusion: Final Call for Investors
With just a few hours remaining before the IPO closes, investors must weigh both growth potential and risk factors. Backed by a robust order book, forward integration, and sectoral tailwinds in renewable energy, Solarworld Energy Solutions Limited presents an intriguing long-term play. However, due diligence is advised due to competitive market dynamics and customer dependency.
