Winsol Engineers IPO Opens with Price Band of ₹71-75 per Share
The initial public offering (IPO) of Winsol Engineers Limited, a provider of integrated engineering, procurement, construction, and commissioning services for Balance of Plant (BoP) Solutions for solar and wind power generation firms, opened for subscription on May 6th. The IPO is entirely comprised of a fresh issue of 31.15 lakh equity shares, with a price band set at ₹71 to ₹75 per share. The lot size for the issue is 1,600 shares, and the company aims to raise ₹23.36 crore from the book-built issue at the upper end of the price band.
The IPO reserves 50% of the shares for Qualified Institutional Buyers (QIBs), 35% for Retail Investors, and the remaining 15% for Non-Institutional Investors. The net proceeds from the issue will be utilized by the company to meet working capital requirements and for general corporate purposes.
Beeline Capital Advisors Pvt Ltd is the book running lead manager for the IPO, while Kfin Technologies Limited is the registrar. The allotment of shares is expected to be finalized on May 10th, and the shares are likely to be listed on the NSE SME on May 14th.
Winsol Engineers’ financials for FY23 reported a net profit of ₹5.18 crore and a revenue of ₹65.44 crore. For the period ending December 2023, the company’s net profit stood at ₹6.77 crore, and revenue reached ₹52.02 crore.
The company’s services include foundation work, substation civil and electrical work, and right-of-way services for BoP Solutions. The IPO is expected to provide growth opportunities for Winsol Engineers and contribute to the expansion of the renewable energy sector.
