Sahaj Solar was incorporated on February 26, 2010. The company is a a renewable energy solution provider engaged majorly in three businesses: manufacturing PV modules, providing solar water pumping systems, and EPC services to PAN Indian customers.
| Bidding Dates |
|---|
| 11 Jul 2024 - 15 Jul 2024 |
| Subscription |
|---|
| 471.96x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,36,800 | 1 | 1 | 800 | 2.9 M | ₹171 - ₹180 | 71.28 % | ₹499.3 M - ₹525.6 M | RHP DOC |
Sahaj Solar IPO SUBSCRIPTION STATUS
15 Jul '24Sahaj Solar IPO overall subscription rate was 471.96 times the total available shares
Sahaj Solar IPO retail subscription rate was 702.21 times in the retail segment
Sahaj Solar IPO non-institutional investor subscription rate was 1132.82 times in the non-institutional investor category
Sahaj Solar IPO Qualified Institutional Bidder subscription rate was 112.53 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Jul 2024 (Day 3) | 702.21x | 1132.82x | 112.53x |
12 Jul 2024 (Day 2) | 200.09x | 123.9x | 1.67x |
11 Jul 2024 (Day 1) | 85.28x | 51.49x | 0.05x |
Sahaj Solar FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 131.6 | 2,011.7 | -347.7 | -353.3 | 12.1% |
| FY23 | 63.5 | 1,853.6 | 95.5 | 92.6 | 6.1% |
| FY22 | 10.2 | 667.7 | -16.7 | -25.7 | 5.8% |
| FY21 | 6.0 | 619.3 | 40.3 | 16.8 | 4.9% |
Sahaj Solar IPO SUBSCRIPTION STATUS DETAILS
Sahaj Solar had 2.9 M shares on offer
Sahaj Solar IPO offer price was in the range ₹171 - ₹180
Sahaj Solar IPO minimum Investment was ₹136800
Sahaj Solar IPO issue size was ₹ 499.3 M - ₹ 525.6 M
Sahaj Solar had a minimum lot size of 800 Shares per application
Sahaj Solar NUMBER OF SHARES ON OFFER
Sahaj Solar IPO IMPORTANT DATES
| Issue Open Date | 11 Jul 2024 |
| Issue close Date | 15 Jul 2024 |
| Allotment Date | 16 Jul 2024 |
| Refund Date | 18 Jul 2024 |
| Demat Account Credit Date | 18 Jul 2024 |
| Listing Date | 19 Jul 2024 |
| Listing on Exchange(s) | NSE |
| Sahaj Solar Allotment Status | Exchange |
Sahaj Solar IPO subscription opened on 11 Jul 2024, and closed on 15 Jul 2024
IPO allotment for Sahaj Solar was finalized on Tuesday, 16 Jul 2024
IPO listing for Sahaj Solar was on NSE on Friday, 19 Jul 2024
Sahaj Solar IPO LISTING GAINS
| Issue Price (adjusted) | 90.0 |
| Listing Open Price | 342.0 |
| Listing Close Price | 359.1 |
| Listing Gain% | 90.0% |
| Current Gain% | 21.8% |
Sahaj Solar Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sahaj Solar Ltd. | 109.6 | 120.5 | 8.1 | -0.2 | 0.3 | 21.4 | 6.2 | 421.1 | 27.3 | 29.6 | 7.4 | 13.5 | -46.3 |
| Cummins India Ltd. | 5426 | 150408.7 | 63.5 | 6 | 11.9 | 27.9 | 20.9 | 12660.5 | 16.8 | 2361.8 | 18.1 | 85.4 | 10.6 |
| GE Vernova T&D India Ltd. | 4299 | 110074.4 | 84.3 | 1.2 | 16.4 | 45.8 | 15.9 | 6297.2 | 44.6 | 1233.2 | 102.7 | 51 | 70.6 |
| 3M India Ltd. | 36035 | 40593.8 | 77.7 | 6.4 | 8 | 29.5 | 16.6 | 5138.5 | 13.8 | 522.3 | 9.7 | 463.7 | 12.2 |
| Kirloskar Oil Engines Ltd. | 2161.7 | 31457 | 57.6 | 3.7 | 4 | 15.9 | 5.3 | 7771.2 | 21.5 | 574.3 | 17.4 | 37.5 | 15.8 |
| Jyoti CNC Automation Ltd. | 784.3 | 17836.8 | 55.4 | -12.6 | 8.1 | 16.8 | 9.3 | 2153.6 | 17.5 | 336 | 6.3 | 14.1 | -4.4 |
Sahaj Solar INFORMATION ON IPO ISSUE
About Sahaj Solar
Sahaj Solar was incorporated on February 26, 2010. The company is a a renewable energy solution provider engaged majorly in three businesses: manufacturing PV modules, providing solar water pumping systems, and EPC services to PAN Indian customers.
Object of the Issue
- To meet the working capital requirements of the company
- General corporate purposes
Sahaj Solar - PROMOTERS
| Name |
|---|
| Pramit Bharatkumar Brahmbhatt |
| Varna Pramit Brahmbhatt |
| Manan Bharatkumar Brahmbhatt |
Sahaj Solar Lead Manager to the Issue
Kunvarji Finstock Private Limited
mb.compliances@kunvarji.com
Sahaj Solar Registrar to the issue
Kfin Technologies Private Limited
ssl.ipo@kfintech.com
Sahaj Solar Strengths
Strategic location
The company is located in one of the highest consumption zones. Gujarat is one of India's most solar-developed states, with its total installed solar power generation capacity reaching 10133.66 MW as of 30 June 2023
ISO and BIS certified
The company is ISO-certified and BIS certified. It follows the production guidelines and the accepted international industry standards and practices with all major national & international certifications
Well established position
The company has established its position as a recognized player in solar water pumping system segment and also one of the early developers of CPV concentrated photovoltaic system
Sahaj Solar Risks
Dependent on few customers
The company is dependent on a few large customers for sales. Loss of any of these large customer may affect the revenues and profitability
Purchase order basis
The company conducts its business activities on a purchase-order basis and therefore, it has not entered into long-term agreements with its customers
Negative cash flows
The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect the business, results of operations, and prospects
IPO FAQs
Sahaj Solar Ltd. IPO listing opened at Rs 342.00 while the issue price was Rs 180.00 giving 90.00% returns. After adjusting for subsequent bonus and splits, the stock trades at Rs 90.00 giving 21.83% gains since its IPO listing.
The promoters of the company are Pramit Bharatkumar Brahmbhatt, Varna Pramit Brahmbhatt and Manan Bharatkumar Brahmbhatt.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 171.0 - 180.0.
The IPO application opens on Jul 11, 2024 and closes on Jul 15, 2024.
The minimum lot size for the IPO is 800. The maximum lot size for the IPO is 800.
For all category investors, the minimum application amount for this IPO is Rs. 136,800.0, the maximum value for this IPO is Rs 144,000.0.
This IPO will be allotted on Jul 16, 2024.
The refund will be credited to your account on Jul 18, 2024.
The allotted shares will be credited to your demat on Jul 18, 2024.
Sahaj Solar Ltd.’s shares listed on the stock exchanges on Jul 19, 2024.