New Delhi, September 30 (HS): SolarWorld Energy Solutions, a fast-growing company in the renewable energy sector, made a strong debut on the stock exchanges today, delighting its IPO investors at the opening. Issued at a price of ₹351 per share, the stock listed at a premium of 11 percent on the BSE at ₹389 and 10.68 percent on the NSE at ₹388.50.

However, the initial euphoria quickly gave way to profit booking, dragging the stock down sharply. By 11 a.m., SolarWorld’s shares were trading at ₹334.40, translating into a 4.73 percent loss from the issue price for IPO investors despite a premium listing.

The company’s ₹490 crore IPO, which remained open for subscription from September 23 to 25, received an overwhelming response with an overall subscription of 68.49 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 74.24 times, the Non-Institutional Investors (NIIs) 68.21 times, and the retail portion 51.69 times.Under the offer, the company issued 1,25,35,612 fresh equity shares worth ₹440 crore with a face value of ₹5 each, along with 14,24,501 equity shares worth ₹50 crore through the Offer for Sale (OFS) route.

Proceeds from the fresh issue are earmarked to meet working capital requirements and general corporate purposes.

According to the company’s prospectus, SolarWorld’s financial performance has shown consistent growth in recent years. Net profit rose from ₹14.84 crore in FY23 to ₹51.69 crore in FY24 and further surged to ₹77.05 crore in FY25.

Revenue during this period also grew at a compound annual growth rate (CAGR) of over 9 percent, reaching ₹551.09 crore in FY25.On the debt front, the company’s borrowings stood at ₹64.67 crore at the end of FY23, which declined to ₹61.10 crore in FY24 but later rose significantly to ₹114.55 crore by the end of FY25.

Meanwhile, reserves and surplus increased sharply from ₹21.59 crore in FY23 to ₹73.28 crore in FY24, and further to ₹270 crore in FY25.

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Hindusthan Samachar / Jun Sarkar