Australian Premium Solar shares debut with 159% premium over issue price

After a bumper IPO response from investors, shares of Australian Premium Solar debuted with a premium of 159.3% on the NSE SME platform. The stock listed at Rs 140 as against an issue price of Rs 54.

Ahead of the listing, the company’s shares traded with a premium of Rs 51 in the unlisted market.

The SME IPO garnered subscription of over 450 times at close. The category reserved for retail investors was subscribed 530 times and the NII portion was booked 770 times. The QIB part of the IPO was booked 107 times.

The net proceeds from the public offer will be used for funding capital expenditure, working capital requirements and general corporate purposes.

Australian Premium Solar is in the business of manufacturing Monocrystalline and Polycrystalline solar panels and engineering, procurement, and construction (EPC) services thereof. The products manufactured by the company are used in residential, agricultural and commercial installations.

The industry term for solar panels is PV Module (Photovoltaic Module) which refers to a setup for generating electricity from sunlight, using semiconductor materials in devices called photovoltaic cells or solar cells.

The company also provides installation services for solar panels and solar pumps. It undertakes installation services under this segment for household and industrial end users, while also offering solar pump installation services for agricultural end users.

As of August 2023, it has served more than 10,000 unique customers towards installation of solar modules out of which more than 9500 have been rooftop installations for residential use and over 1300 solar pumps installation for agricultural use.

For the period ended September 2023, the company clocked revenues of Rs 50.17 crore and net profit of Rs 1.13 crore in the same period.

Beeline Capital Advisors acted as the lead manager to the issue and Link Intime India was the registrar.

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