Winsol Engineers shares made a bumper stock market debut on Tuesday as the shares were listed at a hefty premium. The share price was listed at ₹365 apiece on NSE SME, a premium of 386% to the issue price of ₹75 per share.
The IPO listing gains stood at ₹290 per share. With a lot size of 1,600 shares, the listing gains of the SME IPO stand at ₹4,64,000 a lot. The IPO listing was better than with street expectations as Winsol Engineers IPO GMP, or grey market premium, was ₹199 per share, indicating listing with around 265.33% premium.
The bidding for IPO began on May 6 and ended on May 9. The IPO allotment was finalized on May 10 and the IPO listing date was fixed on May 14.
The company proposes to use the issue proceeds towards working capital requirements and general corporate purposes. The IPO was subscribed by a robust 682.14 times in total. The public issue was subscribed 780.15 times in the retail category, 207.23 times in the Qualified Institutional Buyers (QIB) category and 1,087.81 times in the Non-Institutional Investors (NII) category.
The company provides integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions for both solar and wind power generation firms. Its core services for BoP Solutions include foundation work, substation civil and electrical work, and right-of-way services. As of April 2024, Winsol Engineers had more than 41 major ongoing projects with a total value of approximately £11.953 mn.
