Winsol Engineering specializes in providing full-service engineering, procurement, construction, and commissioning solutions in the solar and wind power industries.
Winsol Engineers, known for their extensive services in the solar and wind power sectors that entail engineering, procurement, construction, and commissioning went public recently. The company’s shares were priced between Rs 71 to Rs 75. On the first day of trading on NSE SME platform, Winsol Engineers’ shares opened at Rs 365. This was an incredible increase of 387% above the upper price limit.
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The grey market had given a premium of 265 % which was surpassed by company’s shares. Grey market is an unofficial place where trading takes place before stocks are publicly sold until listing day.
The IPO of Winsol Engineers Ltd sought to raise INR23.36 crore through issuing 3,115,000 new shares received overwhelming response from investors who oversubscribed over sixty-five times. Non-institutional investors subscribed for new equity issue up to 1,088 times allotment while retail investors oversubscribed for this issuance up to seven hundred eighty times more than they were offered. Qualified Institutional Buyers (QIBs) also participated as they purchased scrips worth two hundred and seven times what had been allocated to them.
This capital would be utilized in increasing working capital base of the firm as well as supporting diverse corporate initiatives in progress.
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